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With all due respect, I don't how a single thing I said up there in what you quote is wrong! I have lived about 3 fifth of my life in one system a fifth in a mixture of both and a fifth here in the US. Don't you think I'm better positioned to make such judgements??? Of course, being born here...

I agree on the first point, although I don't think it's necessary for efficiency to have all investors as profit/ulitity maximizers. Not quite clear on the second one though. Who said that all tests of market efficiency necessarily assume linearity or any other functional relationship...

<i>Quote from Traden4Alpha: [b]Two economists are walking down the sidewalk when they spot a $100 bill on the ground. One economist starts to pick-up the money when the other economist says, "Don't bother, because its not real. If it was real, someone else would have picked it up already."...

Go back and read my posts. I was VERY polite until he started throwing insults and the academics, since he allegedly knew more having read some TA books, I assume. Your post, however, is ten times more insulting than mine, so who are you to judge me? It just pisses me off when some undergrad...

Dude, you just seem to really get a kick out of making condescending remarks about academics. I let the economics being not a science pass, but in the context of this one, I'll address it too. Just because all you had to do in your finance/econ classes was add/subtract and draw graphs doesn't...

Are you talking about RISK ADJUSTED returns??? And how large in size? Unless you trade in relatively long term windows (mutli day and longer), it'll be very hard to make more than a mil a year. You are more or less correct in your understanding of EMH. The reason is says it's virtually...

How come when I ask anything about afterhours I hardly get any feedback??? :D It's amazing that people keep complaining about how hard it became to daytrade after the decimalization etc etc. Well, the spreads are much wider in afterhours :) and I seem to make most of my money when the official...

You make very good points and I don't see how they contradict anything I said :) In the post I just added I was just discussing the issue of scale. Also, you and I both forgot to add the relevance of RISK ADJUSTED excess returns, not just beating the market, but doing so on risk adjusted...

Honestly, I don't like his papers that much either (as I said, I sit at the very back when I worship at the church of market efficiency and here at our department I'm probably the most pro-TA guy.) But he does have a point, although not the one you are referring to. He effectively says "show...

Hi, I was wondering if any of you knew where I can look up any stats on the general composition of trade(r)s in the afterhours market sessions. I would expect the trades to be relatively more informed as the liquidity motivated/naive traders who generally would not have a ready access to such...

That may be a factor. I started a hedge fund while working on my dissertation and still try to be hush hush about it at my department b/c that will not bode well for my dissertation progress if they know about it :) there is a bias in academia in favor of the EMH, but realistically speaking...

Are you sure you read the original paper(s) and not the adapted undergrad interpretations??? The guy almost got a Nobel prize for his contributions. I don't think he would have been up for it if all he did was what you mentioned. I'll attach just one that comes to mind. Kind of a summary...

You do have a point. I was simplifying things a bit. If you take more advanced finance courses, typicially at the graduate/PhD level, you will get into instances of why/when/how markets can be inefficient (e.g. the Grossman and Stiglitz definition of market efficiency is by far a better one...

Hmmm. That seems to leave no room for the contrarians among us. I think that if you can figure out when the bulls/bears turn and jump on their backs when they stop to turn, the ride is much more enjoyable. You do have to stand at the predicted point of the turn and can get stomped on though :D

HAHAHA, LOL. Arrogance is not such a good thing, my friend. Those professors might not be up to date on all the developments in the fields of microstructure and TA (that is more a function of how good your school was), but trust me, they did invest a lot more time in studying the financial...

I think you either unwittingly or not are making a mistake in your statements. Reg.FD enhances efficiency by making sure there's less informed trading and people have a more fair access to info. The fact that professional funds do worse is only a testament to improved efficiency - b/c if...

Well, I just finished TEACHING an investments course to finance majors like you and while I did not cram the Efficient Markets Hypothesis down their throat (heck, I even showed them the actual tools from TradeStation that TA guys use and covered a lot more of TA than is in the book), I don't...

What's going on with CSCO? It seems to have lost all it's prior steam in the afterhours. Glad I got out earlier...

are the time frames over which the swings happen also relatively similar?

I hope you didn't get stopped out :D