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Numberscruncher: Perfectly Imperfect Information
Eugene Fama is the Susan Lucci of the Nobel Prize world. He not only developed the Efficient Markets Hypothesis, which sits beneath almost every theory in finance, but he also is on faculty at
Read More »Numberscruncher: Mutual Funds and Mutual Conflicts
Last week, I went to a security analysts’ luncheon featuring John Bogle, the retired founder of the mutual fund company Vanguard Group. Bogle didn’t have nice things to say about his colleagues. He said
Read More »Thinking Like a Trader
Financial theory starts with two key assumptions: first, that markets are efficient; second, that investors are rational. And, of course, in the real world, we all know that markets aren’t perfectly efficient and that
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