On EMH and CAPM

Piet Mondrian (1930), Composition II in Red, Blue and Yellow, Kunsthaus, Zurich, Switzerland.

Piet Mondrian (1930), Composition II in Red, Blue and Yellow, Kunsthaus, Zurich, Switzerland.

The financial theory put in motion to protect the fundamental investor from metaphysical efforts of chartists ended up rendering fundamental analysis useless. The professional investor being relegated to a diversification optimizer or a beta arbitrageur at best.

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