55771
lnvestorscannotsystematicallyfind extraordinaryreturns (alpha
Market Efficiency - Reality In a developed market like the United States market-widemovementsexplain only 3 percent of the dailyvariation of individualstock, while in emerging countriessuch as
Taiwan and Poland theyexplain far morę (approximately 40% and 60% )
Whatis not implied?
CommonMisinterpretations stockpricescannotdeviate from true value
° therecan be largedeviations from truevalue, but theyneed to be random, no investorwill 'beat' the market in anytime period
° Approximately half of allinvestorsshould beat
the market in any period.
no group of investorswill beat the
market in the long term
° A group of investorscan beat the market not
because of strategy but becausetheyarelucky.
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