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'The generally accepted view is that markets are always right - that is, market prices tend to discount future developments accurately even when it is unclear what those developments are. I start with the opposite point of view. I believe that market prices are always wrong in the sense that they present a biased view of the future.'
- George Soros, hedge fund manager and philanthropis

Proving the Efficient Market Theory Wrong

In his younger years, Buffett was scornful of the efficient market theory (EMT) and index investing.

Back in 1988, he wrote a highly critical review of the EMT in his annual report to shareholders. Referring to the academics who defended it, he said, "Observing correctly that the market was frequently efficient, they went on to conclude incorrectly that it was always efficient. The difference between these propositions is night and day."

As an example, he used the arbitrage methods of his mentor - the father of value investing - Benjamin Graham to prove his point:

The continuous 63-year arbitrage experience of Graham-Newman Corp., Buffett Partnership and Berkshire illustrates just how foolish EMT is... While at Graham-Newman, I made a study of its earnings from arbitrage during the entire 1926-1956 lifespan of the company. Unleveraged returns averaged 20% per year. Starting in 1956, I applied Ben Graham%27s arbitrage principles, first at Buffett Partnership and then Berkshire. Though I have not made an exact calculation, I have done enough work to know that the 1956-1988 returns averaged well over 20%...

Over the 63 years, the general market delivered just under a 10% annual return, including dividends. That means $1,000 would have grown to $405,000 if all income had been reinvested. A 20% rate of return, however, would have produced $97 million. That strikes us as a statistically significant differential that might, conceivably, arouse one%27s curiosity.

Buffett noted in his report that applying Graham%27s arbitrage techniques involved hard work and very little luck.

read all about me http://sleeparoundwiththerightwoman.blogspot.com/2015/10/george-a.html





http://thecoupon4adate.blogspot.com/



among the most ridiculous statements I have listened too, in jail for trespassing and related fiction, 'you just think you own stock- you are crazy' after I prove I am a stock owner 'we own more than you' while I am jailed and in mental hospitals, 'owning stock does not mean you own the company' punks who evaluated and drugged me, osawatomie, johnson county mental health, kcmo mental health, 'no one is supposed to make more than $30,000/yr' nurse fran staus 'pack team' evaluating me in jail, and courts using her punk nazi power to lock me up, and she said she herself earns $50,000/yr, while mike milken was getting $500,000,000/yr financing hostile take overs, my so called dad? harvard lawyer said the same thing, that I am only suppossed to earn $30,000/yr and that lawyers at his law firm had to get paid $100,000 right out of law school, he also said during his last 30 years he was a murderer/ look a like identity theive, and talked of other people in his 'groups- law firm, investment group, hood' having look a likes of themselves, with and w/o their knowledge. I believe my real dad was murdered and the idiot who died 5 years ago was indeed a look a like identity theive/murderer, and no one stopped him, cared, or knew, knew what to do or wanted to risk their own ---. thus my volatility 4ever,



I HAVE TO GET PAID AN AMOUNT EQUAL TO or BETTER THAN THE HIGHEST PAY CHECK KNOWN IN AMERICA, $4,000,000,000/YR HEDGE FUND PAY CHECK, AND BACK PAY FOR EVERY YEAR OF SIGNIFICANCE, 1985 MS, 1983 BS, 1979 HSD, 1978 KS SCHOLAR, 1966 KINDERGARTEN.......

if an 'eye' likes me? that is what is left of my natural real father? who was murdered when his eye was popped out and he bled to death? with people watching? laughing at him? not helping him, he 'cried like a baby'? saying 'bompa, bompa'? as the idiot dad? who died 2011 has said before? My real dad was blind sided and killed? punks say his eye is alive and is 'him'? a ku punk did it? who was bigger than him- could kill a man with 1 finger? b beck looked 'serious' in his car around me and the public building in olathe last week after I photographed my banner around town, as he looked south -towards Oklahoma State? he was part of jailing me... and murdering my real dad? his wife who looked gross dressed up was an institutional sales person? and said 'that' like I am a 'that' last month around me? she is an old nothing??? my real dad was murdered and blind sided? blinded? he died from it? like I was blind sided and jailed? nuke them all.....

REAL MEN do not settle for bll sht ----, lies, fraud, anything less than RIGHT.

Warren Buffett once joked that he ought to endow a chair at a major university to teach the efficient market theory. Why? Because if everyone else quit trying to identify undervalued stocks, it would make things a lot easier for him. - one reason I hardly cracked a book at Purdue, the idiot finance profs and EMT sht, GMAT OWNER NATION, W Buffet has established benchmarks for $ and license I use, what was his act and gmat score to even have a business license? did they have those tests back then?


http://sleeparoundwiththerightwoman.blogspot.com/2015/10/this-is-example-of-biased-opinions-to.html


The issue of ownership has become so intense in my life, I will never be right, because the individuals of the law, from police to court house judges have breached the rules so many times with me, personal disrespect? my family? colleges? fraternity? what ever, it is not acceptable... The common stock owners own the company..... do they do what ever they want?- they do when it is against me, even fake ownership, but not for me... the common stock owners vote their shares for management? In theory, but reality is a different issue, yokal locals take over and do what ever they want? kill people and have look a likes steal their identities? quite probable based on my experience and my dad. One on one experience gives individuals and what they represent credibility of RIGHT or that of punk mafia. The law, schools are more like punk mafia on my time.

merrill lynch, smith barney, painewebber, oppenhiemer, kcmo- police and courts, JOCO KS - police and courts, owe me $1 trillion each for all punk nazi disrespect since my MS in 1985 and before, high school 1979....