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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: BGR who wrote (45166)6/4/1999 8:07:00 PM
From: accountclosed  Read Replies (2) of 86076
 
I'll give this the old multiple path response:

1. I agree with you. The market is often efficient. I believe that Index Funds are valuable in that they have the lowest costs. Costs matter.

2. But, what is making the market efficient? Who is the market? Who does the research?

on si we have:

chief market strategists
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hedge fund managers
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newsletter writers
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derivatives traders
Member 4030458

cramer, a category unto himself
Member 4139567

sell side analysts
Member 7328022

professional traders
Member 4074403
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ex mutual fund managers
Member 1346235

tv personalities
Member 4770384

newspaper columnists
Member 4238039

technical analysis experts
Member 7518731

many people from industry, and all other sorts of people that have key market positions. So do you agree that these people are among the people that are making the market as efficient as it is?

3. Is market efficiency not a limiting case? If everyone relies on the other guy, does it not at some point become somewhat inefficient. On the other hand, at some point is not the marginal utility of increased research not of value and some efficiency thus left on the table?

4. If it's so efficient, why are we all here talking about it? We should be doing something else.
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