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Gold/Mining/Energy : Big Dog's Boom Boom Room -- Ignore unavailable to you. Want to Upgrade?

To: CommanderCricket who wrote (83852)	5/1/2007 3:10:08 PM
From: Wyätt Gwyön	Read Replies (1) \| Respond to of 206334

Don't believe in an efficient market either. there are different definitions of EMH. some are ridiculous--like saying even insider information is not an advantage. there are less extreme versions of EMH. my own interpretation is that markets may not be rational, but their inefficiencies are not easy to exploit, either--especially in bigger, more liquid markets and sectors. think of all the people who went bankrupt shorting some irrationally priced I-nut that quadrupled before it went to zero. essentially every active (as opposed to passive) investor believes there are at least some exploitable inefficiencies, however. otherwise you would just be in index funds. not that all investors have thought that through, but that's implicit in active investing.