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Politics : Ask Michael Burke

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To: Skeeter Bug who wrote (55299)	4/8/1999 8:45:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Skeets, Methinks BGR is a bit too young to remember how inefficient market theory developed. First came Ed Thorpe's "Beat The Dealer." Some finance types decided to use that blackjack methodology as a tool for looking at the stock market. Then came Malkiel's essays which later became the book, "A Random Walk Down Wall Street," which was basically the seed from which the Efficient Market Hypochondriac developed. Then came the seminal work by Barr Rosenberg (before he started mismanaging mutual funds) and Bill Sharpe, among many others, who formalized the formula that was the basis of MPT, and, in fact, "Modern Portfolio Theory" was the name of Sharpe's text. After that came the Black-Scholes Theory and many other crimes against common sense. <g> It is true that some of the newer texts have tried to claim a virgin birth. MB

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