Heterodox
The concept of market efficiency has attracted a considerable amount of debate over the decades. The issue is that the definition is problematic; efficiency is more an attribute of the investors in the market, rather than the market itself. If we turn the focus to the role of investors, most of the mysteries associated with the concept evaporate. (Note: This article is in a preliminary state. I started thinking about how to write up the role of market efficiency in the context of breakeven...
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