All of this has put us somewhere between Fama and Shiller on EMH. We usually end up thinking the market is more efficient than do Shiller and most practitioners - especially, active stock pickers, whose livelihoodsdepend on a strong belief in inefficiency. As novelist Upton Sinclair, presumably not a fan of efficient markets, said, “It is difficult to get a manto understand something, when his salary depends upon his not understanding it!” However, we also likely think the market is less efficient than does Fama. Our background and how we’ve come to our current view make us, we hope, qualified -but perhaps, at the least, interesting - chroniclers of this debate.
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