"Does eCommerce qualify as such an event"
Only if the company has some basis in reality. EBAY, AMZN, and YHOO may be examples of the efficient market. I'm skeptical of this, but only time will tell.
EGGS, SATH, IMON, JBOH, KTEL, MARG, CFON and too many others to list definitely were not. I submit that there is no room in an efficient market for such blatant inefficiencies. But that's just what I see. So who am I going to believe, a bunch of academics, or my own eyes?
Now, if your definition of an efficient market were 'dumb money becomes smart money sooner or later', I'd have to agree with that. Perhaps all these inefficiencies stem from an oversupply of 'dumb money'.
Barb |
