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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Skeeter Bug who wrote (48116)	2/21/1999 11:39:00 AM
From: BGR	Read Replies (3) \| Respond to of 132070

SB, Liquidity is an essential condition for an efficient market, so EMH doesn't apply to illiquid thinly traded stocks. I thought that I had addressed the Nikkei issue with my long-term clarification. If someone invested 100% at the market top and never invested a single penny before or after, that's not the investing style I was talking about. But if someone was DCA'ing into the Nikkei since 1980 and continued to do so till 1998 (a span to 9 years before to 9 years after the top), I think that they are not doing spectacularly well, but not spectacularly bad either. Which of course is the whole point. -BGR.