At the ASI.
It may even be true that George Soros doesn\’t believe in the EMH. But it\’s most certainly true that the EMH believes in George Soros.
At the ASI.
It may even be true that George Soros doesn\’t believe in the EMH. But it\’s most certainly true that the EMH believes in George Soros.
Interesting question. It seems to me that all three variants of the EMH are effectively false. The relevant point though isn’t whether a price encapsulates “all trading information up to that point” and thus is the “correct” price, which one can reasonably conclude it proabbly doesn’t. It’s whether there is any strategy for getting a more correcter price, which logic tells us there can’t be.
Markets are the best system for dealing in a real world of unknowns, known unknowns, unknown unknowns, unknown knowns, and so on. Nobody can do better than them, on average. They’re as efficient as one can be, which probably isn’t very efficient at all. But that’s okay. You just keep buggering on.