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Blindsided by Jonathan Gifford

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Drift, Momentum and Irrationality

Let’s look at some examples that were being explored, even as efficient-market thinkers protested that these were minor aberrations that the master theory would soon find an explanation for, rather than being a fundamental proof that the ‘rational agent’ assumption at the heart of the theory was fatally flawed.

One of the ways in which the market could be shown not to be efficient was that it clearly was not the case that information was ‘instantly’ absorbed by the market and reflected in prices. The market could, in fact, be a little slow to absorb some new information. The phenomenon was well-enough documented to acquire its own terminology: when companies issued earnings statements that differed significantly ...

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