Efficient Market Theory Does Not Work Well in the Stock Market

(May 4, 1998) A shareholder asked Warren #Buffett to comment on the efficient Market Theory, which states that you cannot outperform market for a long period of time. Warren Buffett says that the academia imagines the cutting-edge idea and learn theory with mathematics. They have lots of ego and hard to back off with what they believe in even their theory does not work in the reality.


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