1. The Other TPA report an acknowledgment by the BBC that they may have been hoodwinked by the actual TPA.
2. Great post on S&M about Tobin taxes. The Andrea Terzi paper Chris links to is well worth a read.
3. Via Tim Worstall, an interesting little piece by Eugene "EMH" Fama in defence of... err... the EMH.
3 comments:
Tobin taxes: it was once just about possible to believe that Gordon Brown, sort-of, understood stuff
in the 'he understands enough to be dangerous' kind of way
but now ...
EMH:
do you agree with Fama ?
I more-or-less do, but would suggest that interpreting his conclusion for practical / policy purposes requires some subtlety
I think if you look at the inability of active managers to deliver sustained outperformance it does provide a pretty strong case. and I think it's a useful way of thinking about how the stockmarket works. but I'm a bit wary. Alfred Rappaport said that markets might be infomationally efficient but allocatively inefficient. but doesn't that effectively just tell us that prices form?
I dunno, not entirely decided.
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