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The Large-Cap Portfolio, + Web site: Value Investing and the Hidden Opportunity in Big Company Stocks by Thomas Villalta

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CHAPTER 3

An Introduction to Market Efficiency

We live in an investing era that has changed dramatically over the past quarter century. While we’ve experienced several market crashes, bear markets, recessions, and bubbles, these are not new things. They’re not the changes I’m referring to when I say the investing era has changed dramatically. In truth, our view and understanding of how markets work has changed dramatically. In historical terms, modern finance theory remains in its infancy. Much of what we understand in terms of finance was formulated in my lifetime. And I’m not that old!

Early on, in the first half of the twentieth century, much of finance was structured around an assessment of intrinsic value. The penultimate work of this era ...

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