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To: Scott Pease who wrote (15369)12/22/1997 7:35:00 PM
From: Reginald Middleton  Read Replies (1) | Respond to of 24154
 
<Temporary bouts of insanity aside (cf Yahoo, Amazon) the markets tend to be fairly efficient.>

Actually the market is quite inefficient. This is due to a proportionately high concentration of information/knowledge. Luckily, we have those who believe in efficient markets to supply liquity (an institutional client of mine made that comment over dinner last Thursday, I liked it for it smacks with the truth).