Why Value Investors Have The Edge In The Short Term via George Athanassakos, The Globe And Mail Are markets efficient? Do stock prices discount all publicly available information, correctly and accurately? Is the only way to earn higher returns to take higher risk? It all depends who you ask. Academics who study and teach modern portfolio theory will say, “Of course markets are efficient.” But practitioners who put their money where their mouths are and make a living this way, they will say, “Of course markets are not efficient.” If you side with academics, you must invest in index funds, and if you side with practitioners, you should invest in stock pickers and actively managed portfolios managed by portfolio managers who aspire to beat the... More