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Politics : Ask Michael Burke
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To: BGR who wrote (55300)4/8/1999 9:48:00 PM
From: Skeeter Bug  Read Replies (1) of 132070
 
bgr, how about providing some context to your questions. i explained how it isn';t necessarily a 0 sum game. now shoot holes in it.

..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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