Daily Speculations

The Web Site of Victor Niederhoffer & Laurel Kenner

Dedicated to the scientific method, free markets, deflating ballyhoo, creating value, and laughter;  a forum for us to use our meager abilities to make the world of specinvestments a better place.



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Kim Zussman

Kim Zussman on Fama

Wondering this morning whether Fama's concession (see WSJ "As Two Economists Debate Markets, The Tide Shifts, 10/17/04 ) represents any kind of contrarian milestone.

The irony of a lifelong academic career defending efficient markets against an ever-increasing body of evidence of inefficiency. Capitulating finally at or near the period when one could possibly ask, without too great a risk of spittle precipitation, whether market forces could actually conspire to create efficiency and what would an efficient market look like such that could we recognize it when seen contemporaneously ?