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Strategies & Market Trends : Moomin Valley (formerly Troll-free Zone) -- Ignore unavailable to you. Want to Upgrade?

To: Moominoid who wrote (1413)	8/11/2006 2:02:03 PM
From: CharlieChina	Respond to of 2852

wink

To: Moominoid who wrote (1413)	8/16/2006 7:23:00 PM
From: skinowski	Read Replies (2) \| Respond to of 2852

cycles of active and passive management being more and less popular It's probably more of a question of whether or not knowledge, expertise, experience and skill add value to the investing process. Looks like there are periods when such qualities actually seem to be associated with diminished returns. I never liked the Efficient Markets hypothesis. It presumes that markets play in accordance with rules -- and it appears that most of the time they do not. I doubt that uncovering the so-called "valuation anomalies" actually adds anything. Bull market advances are related less to growth in earnings then to the mysterious notion of "expansion of P/E's"-- which is a fancy way of saying "increasing optimism and exuberance" Anyway, I wouldn't be surprised if there is a correlation between bear and bull markets -- and the performance of active managers vs. the indexers. I think you may discover a good indicator which may help us keep track of the underlying primary trend.