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Politics : Ask Michael Burke

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To: pater tenebrarum who wrote (68725)	10/6/1999 4:26:00 PM
From: BGR	Read Replies (1) of 132070

Heinz, Why are wide credit spreads less efficient than tight ones, or vice versa? Efficiency requires rapid adjustment of market prices in response to consensus, nothing more and nothing less. The direction is immaterial and betting on any particular direction implicitly assumes that at the particular moment the market is out of sync, hence inefficient. Index products over the long run reflect the general consensus to a T. -BGR.

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