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Strategies & Market Trends : MDA - Market Direction Analysis

SPY 660.19

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Nov 18 4:00 PM EST

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To: mishedlo who wrote (80779)	7/24/2001 7:43:54 AM
From: s berg	Read Replies (1) of 99985

Inefficient economists theory, Makkiel's theories are the basis for the huge amount of index investing now. Bogle, the father of index investing wrote his college thesis, the mission statement of vanguard, in Makiel's economic department. What a concept, make an investment in all companies regardless of the individual prospects of each company or the overall investment climate. Makkiel really has crafted an ivory tower concept. Neglects the dark, brutal nature of markets. What happens in the real world to investors who throw money into any investment no matter what. A truly efficient market devises ways to take their money from them. The paradox of Makiel's theory is that index investing only works if no one does it. As soon as there is massive index investing you have IMHO assured booms and busts. A bust is the market's Darwinian way of crushing weak passive investors.

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