I recently had the pleasure of reading Justin Fox's new book The Myth of the Rational Market. It offers an engaging history of the research that has come to be called the “efficient market hypothesis”. It is similar in style to the classic by the late Peter Bernstein, Against the Gods. All the quotes in this column are taken from it. The book was mostly written before the financial crisis. However, it is natural to ask if the experiences over the last year should change our view of the EMH.
最近我有幸拜讀了賈斯汀???怂?Justin Fox)的新書《理性市場的神話》(The Myth of the Rational Market)。該書記敘了形成“效率市場假說”的研究過程,一段引人入勝的歷史。從文體上講,本書與已故的彼得?伯恩斯坦(Peter Bernstein)的經典之作《與天為敵》(Against the Gods)相仿。本文引語全部出自其中。本書基本上是在金融危機爆發前寫成的。不過,讀者自然會問,過去一年的經歷是否會改變我們對效率市場假說的看法?