Really excellent discussion of the EMH. Love your description of it as some kind of demon-god creature.
I’ll jump in on a minor point.
“And yet, and yet…even when criminals have advance access to earnings reports, they still don’t do all that well, which is evidence for the very strongest form of the EMH (the one that no-one, including me, believes can possibly be true).”
This might instead be evidence that there is a lot more insider trading than we think—making it so that those we know of were competing for gains against other insider traders.
Really excellent discussion of the EMH. Love your description of it as some kind of demon-god creature.
I’ll jump in on a minor point.
This might instead be evidence that there is a lot more insider trading than we think—making it so that those we know of were competing for gains against other insider traders.