Is The Market Efficient?

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Ben Felix
Published at : 19 Jan 2021
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The implications of market efficiency for investors are sweeping. If asset prices always fully reflect available information, there are only two ways to profit: by taking a risk that has been priced into the market, which can be done cheaply with an index fund. If the market is not efficient, then it should be possible to profit by consistently selecting undervalued stocks, and timing the market.

Referenced in this video:
the Efficient Market Hypothesis (EMH) - https://rationalreminder.ca/sensible-investing/
The Performance of Mutual Funds - https://onlinelibrary.wiley.com/doi/full/10.1111/j.1540-6261.1968.tb00815.x
Do Low-Volatility/Low-Beta ETFs Make Sense? - https://www.pwlcapital.com/do-low-volatility-low-beta-etfs-make-sense/
On Persistence in Mutual Fund Performance - https://www.jstor.org/stable/2329556?seq=1#page_scan_tab_contents
Luck versus Skill in the Cross-Section of Mutual Fund Returns. - https://onlinelibrary.wiley.com/doi/abs/10.1111/j.1540-6261.2010.01598.x
The Efficient Market Hypothesis and Its Critics - https://eml.berkeley.edu/~craine/EconH195/Fall_14/webpage/Malkiel_Efficient%20Mkts.pdf
Interview with Eugene Fama - https://www.newyorker.com/news/john-cassidy/interview-with-eugene-fama
The Superinvestors Of Graham-and-Doddsville - https://www8.gsb.columbia.edu/articles/columbia-business/superinvestors
Betting Against Beta - https://www.aqr.com/Insights/Research/Journal-Article/Betting-Against-Beta

Catch up on our latest investing advice, insights and white papers here.
https://www.pwlcapital.com/teams/passmore-felix/?utm_source=youtube&utm_medium=copy&utm_campaign=ben2019&utm_content=marketefficient
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PWL Capital Blog Post: https://www.pwlcapital.com/are-markets-more-or-less-efficient/

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#investing #strategies #marketefficiency
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