alt Hacker NewsSee Bob Schiller's work (for which he received the econ Nobel prize in 2013).
The “weak version of EMH” has nothing to do with markets being “efficient”, it's a property of random markets. Assimilating the two just Fama's motte-and-bailey fallacy.
See Bob Schiller's work (for which he received the econ Nobel prize in 2013).
The “weak version of EMH” has nothing to do with markets being “efficient”, it's a property of random markets. Assimilating the two just Fama's motte-and-bailey fallacy.
When you say 'random' you probably mean that market prices are a Martingale? See https://en.wikipedia.org/wiki/Martingale_(probability_theory...
That's very, very related to being efficient.
> Assimilating the two just Fama's motte-and-bailey fallacy.
No, not at all.