From: Ramez Naam (email@example.com)
Date: Wed Jun 11 2003 - 12:15:22 MDT
From: Hal Finney [mailto:firstname.lastname@example.org]
> According to the efficient market theory, there are really no
> such things as bull and bear markets. They are optical illusions.
I'm skeptical of the efficient market theory. It treats all decision
makers as rational entities with access to the same information and
the same response to that information.
None of those three assumptions is correct. Humans are emotional
decision makers. There are indeed differences in the information
investors have access to. And given the same information, different
investors would make different decisions based upon their individual
analysis, risk tolerance, and of course that emotional factor listed
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