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Strategies & Market Trends : MDA - Market Direction Analysis
SPY 660.19-0.8%Nov 18 4:00 PM EST

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To: mishedlo who wrote (80779)7/24/2001 7:21:43 AM
From: s berg  Read Replies (1) of 99985
 
Mish, Makkiel might respond that you are being rewarded because you add liquidity to the market by agile trading thereby making it more efficient. Since you are performing an important high risk function you deserve large rewards.

Efficient market was written when Fidelity's funds were kicking butt. If you look at large institutional investors / the mutual fund industry Makiel's efficient market theory looks very compelling. Few beat the indexes long term.
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