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Politics : High Tolerance Plasticity -- Ignore unavailable to you. Want to Upgrade?

To: William JH who wrote (1453)	3/12/2001 7:12:28 PM
From: Telemarker	Read Replies (1) \| Respond to of 23153

William, I pretty much bought into the efficient market hypothesis (with some limited exceptions) up until around 1995. My period of "awareness" has been from about 1980 to the present, and as was earlier noted the hypothesis worked better with larger caps than with the small ones. Again, IMO, from 1980-1995 I perceived that most participants in the capital markets were reasonably sophisticated and a broad spectrum of equities were scrutinized. However, since 1995 there seems to have been a torrent of novices and dumb money piling into the markets. You know the rest, no doubt. By necessity of survival, many of the formerly financially sophisticated were drawn into the game dictated by the new masses. From what I understand, a somewhat similar phenomena occurred in the early 1970's. Just the view from where I've been sitting. Regards, TM

To: William JH who wrote (1453)	3/12/2001 8:58:38 PM
From: Razorbak	Respond to of 23153

Efficient Markets William: Sorry about the misunderstanding. Obviously, I just took what you said at face value. Now that you mention it, however, I will say that I, too, have never really understood how anyone could believe the efficient market hypothesis. Obviously, I don't believe it since I buy individual stocks and even short some on occasion. Or perhaps I'm just an ignorant buffoon, since I bought some more stock today (OEI) in the teeth of despair as the world as we know it come to an end. <gg> Razor