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Politics : Ask Michael Burke

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To: accountclosed who wrote (48042)	2/20/1999 11:28:00 AM
From: BGR	Read Replies (1) of 132070

Antoine, Someone asked me the first question in the internet analysis thread, I have quoted the answer that I presented there. Message 7815421 As for the second question, as long as there are well-heeled arbitrageurs, EMH should hold OK. If index funds push the index up too high, arbs are going to sell futures (like the carnage in NDX100 in the past few days) to bring the market back in balance. Particularly in times of great liquidity and rapid information dissipation like the present I am not concerned that indexing is going to upset the EMH foundation. Cramer, if you read TSC you may have noted, opined that NDX100 selling is having a huge effect on the big cap tech stocks. But that, if true, is precisely the role that arbs are supposed to play from the EMH perspective (if they consider the big cap tech stocks to be very expensive). -BGR.

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