Props to any other academic who puts ten billion dollars next to this result and says “This is yours if disinterested third parties agree you’ve disproven this paper.” https://twitter.com/BCAppelbaum/status/1076135100071464960 …
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So I think I get what you are saying, but so far as I know emh is not the basis of any practical trades?
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I think the argument is that most experimental disproofs of EMH would be made from atop a mountain of money.
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