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Ben Felix · 发布于 2019年7月6日
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 ------------------ Follow me on - Twitter: https://twitter.com/benjaminwfelix - LinkedIn: https://www.linkedin.com/in/benjaminwfelix/ PWL Capital Blog Post: https://www.pwlcapital.com/are-markets-more-or-less-efficient/ Follow PWL Capital on: - Twitter: https://twitter.com/PWLCapital - Facebook: https://www.facebook.com/PWLCapital - LinkedIn: https://www.linkedin.com/company/pwl-capital/ You can find the Rational Reminder podcast that I co-host with Cameron Passmore on Apple Podcasts: https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582?mt=2 Google Podcasts: https://www.google.com/podcasts?feed=aHR0cHM6Ly9yYXRpb25hbHJlbWluZGVyLmxpYnN5bi5jb20vcnNz Spotify Podcasts: https://open.spotify.com/show/6RHWTH9iW7hdnA7eAg7ukO?si=hjZNfLKuSjSeWX38GPqhVA #investing #strategies #marketefficiency
