> But is that because market prices aren't reflecting > buying and selling, or because the buyers and sellers > are irrational? Like I said, market prices can be > efficiently reflecting nonsense. > > Doug
The issue is not whether market prices reflect buying and selling. The issue is whether that happens instantly or not. Sometimes it does, sometimes it doesn't, whatever the reasons. But this means that markets are not efficient even in the sense you defined. Simple logic, right? Look who is talking about logic! Sabri
