Emh Quotes

Students with disabilities, as soon as their disability is recognized by school officials, are placed on a separate track. They are immediately labeled by authorized (credentialed) professionals (who never themselves have experienced these labels) as LD, ED, EMH, and so on. The meaning and definition of the labels differ, but they all signify inferiority on their face. Furthermore, these students are constantly told what they can (potentially/expect to) do and what they cannot do from the very date of their labeling. This happens as a natural matter of course in the classroom. All activists I interviewed who had a disability in grade school or high school told similar kinds of horror stories—detention and retention, threats and insults, physical and emotional abuse.

The adjective “efficient” in “efficient markets” refers to how investors use information. In an efficient market, every titbit of new information is processed correctly and immediately by investors. As a result, market prices react instantly and appropriately to any relevant news about the asset in question, whether it is a share of stock, a corporate bond, a derivative, or some other vehicle. As the saying goes, there are no $100 bills left on the proverbial sidewalk for latecomers to pick up, because asset prices move up or down immediately. To profit from news, you must be jackrabbit fast; otherwise, you’ll be too late. This is one rationale for the oft-cited aphorism “You can’t beat the market.” An even stronger form of efficiency holds that market prices do not react to irrelevant news. If this were so, prices would ignore will-o’-the-wisps, unfounded rumors, the madness of crowds, and other extraneous factors—focusing at every moment on the fundamentals. In that case, prices would never deviate from fundamental values; that is, market prices would always be “right.” Under that exaggerated form of market efficiency, which critics sometimes deride as “free-market fundamentalism,” there would never be asset-price bubbles. Almost no one takes the strong form of the efficient markets hypothesis (EMH) as the literal truth, just as no physicist accepts Newtonian mechanics as 100 percent accurate. But, to extend the analogy, Newtonian physics often provides excellent approximations of reality. Similarly, economists argue over how good an approximation the EMH is in particular applications. For example, the EMH fits data on widely traded stocks rather well. But thinly traded or poorly understood securities are another matter entirely. Case in point: Theoretical valuation models based on EMH-type reasoning were used by Wall Street financial engineers to devise and price all sorts of exotic derivatives. History records that some of these calculations proved wide of the mark.

The concept that all useful information has already been factored into a stock's price, and that analysis is futile, is known as 'The Efficient Market Hypothesis' (EMH).

The efficient market hypothesis (EMH) explains this phenomenon: current market prices reflect the total knowledge and expectations of all investors, and it is highly unlikely that one investor can know more than the market does collectively. For

Among his many accomplishments was inventing the “efficient market hypothesis” (EMH) which states, more or less, that all known information about a security has already been factored into its price.f This has two implications for investors: First, stock picking is futile, to say nothing of expensive, and second, stock prices move only in response to new information—that is, surprises. Since surprises are by definition unexpected, stocks, and the stock market overall, move in a purely random pattern.

Fundamental analysis often works, but it often fails. Technical analysis often works, and then it does not work. Economists speak of economic cycles, but none can be found analytically. Traders speak of market cycles; they too cannot be proven. To top it off, the critics of the EMH have been unable to offer an alternative that takes all the discrepancies into account. In few other areas are theory and practical experience in such little agreement.

La porta si spalancò all'improvviso e Jocelyn lanciò un urletto. "Gesù" esclamò Luke. "Emh, no, sono soltanto io" disse Simon "anche se mi hanno detto che ci assomigliamo parecchio.

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