To all, Business Week had two good items this week, which is two more than usual. 1. A review of the book, "A Non-Random Walk Down Wall Street," by MIT Prof Andy Lo and Wharton Prof A. Craig Mackinlay. Though I love the concept that the old academic models are false, I dislike the narrow focus of their conclusions. Sadly, a great concept ruined by an academic, impractical approach. However, I loved the fact that in 1986 when they presented their first paper rejecting the random walk nonsense, their professor told them they must have made a programming error. <g> Been there, done that. The academic establishment may have its heart in the right place (I would argue that, but it is possible), but there is no doubt that its head is up its collective arse. The way they move to defend any attack on the religion flies into the face of academic freedom of thought. I have to read the book instead of just the review to make certain that the results are as narrow as the review makes them appear.
2. Several spirited defenses of Mike Milken in the Letters section. AR, you gotta buy a copy. <g> |
