I lost the thread when I got to the section "If You're so Smart, Why Aren't You Rich?". An assumption seems to become implicit there that if the EMH is false, then you can beat the market. But why is that so? I tend to think of the market as a random walk during day trading, largely driven by viral memetic fashion trends on the scale of weeks to months, and then often only "weighing" effectively on the scale of months to years.
Take the day trading example: the S&P had almost no cumulative returns during the day from 1993-... (read more)
I lost the thread when I got to the section "If You're so Smart, Why Aren't You Rich?". An assumption seems to become implicit there that if the EMH is false, then you can beat the market. But why is that so? I tend to think of the market as a random walk during day trading, largely driven by viral memetic fashion trends on the scale of weeks to months, and then often only "weighing" effectively on the scale of months to years.
Take the day trading example: the S&P had almost no cumulative returns during the day from 1993-... (read more)