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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: orkrious who wrote (38206)	8/9/2005 1:11:07 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 110194

everything that's known 'right now' is already factored into prices. that is the Efficient Market Hypothesis (EMH). if it were true, there'd be no use trading and you might as well buy index funds. anybody who invests actively must implicitly believe that everything isn't already factored in. i guess Heinz is trying to make some kind of point with the quotes around right now, but i think it's a distinction without a difference (or bassackwards if you prefer): unless you believe in time machines, the only time people ever know anything is right now. so at every "right now" point along the infinite continuum of time, everything that is to be known will already be factored into prices. this is unexpurgated EMH. which i think is a load of carp, as there are many more things in heaven and earth than are dreamt of in anybody's philosophy.