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

To: BGR who wrote (48510)	2/23/1999 6:57:00 PM
From: Michael Bakunin	Read Replies (1) \| Respond to of 132070

Your version remains, at best, incomplete. The record: #reply-7949092 BGR> [semi-strong: information] is fast incorporated into prices, so fast that it is not possible to consistently profit #reply-7956401 Bakunin> You are not reporting the semi-strong or strong forms correctly. Both focus on valuation. #reply-7985100 Fama> in an efficient market at any point in time the actual price of a security will be a good estimate of its intrinsic value #reply-7934594 BGR> EMH doesn't address efficiencies..in the process of interpreting available information (IOW, it leaves valuation to the market) Fama (same cite): [disagreement/value] "..such disagreement will give rise to discrepancies between actual prices and intrinsic values. In an efficient market, however, the actions of the many competing participants should cause the actual price of a security to wander randomly about its intrinsic value." #reply-7945821 BGR> if someone was DCA'ing into the Nikkei Fama: "A simple policy of buying and holding the security will be as good as any more complicated mechanical procedure for timing purchases.." Good luck, mb