SEMI-EFFICIENT MARKETS
The real trouble with this world of ours is not that it is an unreasonableworld, nor even that it is a reasonable one. The commonestkind of trouble is that it is nearly reasonable, but not quite.Life . . . looks just a little more mathematical and regular than it is;its exactitude is obvious, but its inexactitude is hidden;its wildness lies in wait.
—G. K. CHESTERTON
I have a small army of former students who alert me to interesting stories I may have missed. One sent me a Wall Street Journal article titled “Clues Abound for the Small Investor to Divine Market Direction.” According to the article:
The long-term investor ...
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