<html><body><div style="color:#000; background-color:#fff; font-family:times new roman, new york, times, serif;font-size:12pt"><div><span><br></span></div><div><span style="font-family: Arial; font-size: 13px;">Eugen Leitl <eugen@leitl.org> wrote:</span><br></div><div style="color: rgb(0, 0, 0); font-size: 16px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><span style="font-size: 12pt;"><br></span></div><div style="color: rgb(0, 0, 0); font-size: 16px; font-family: 'times new roman', 'new york', times, serif; background-color: transparent; font-style: normal;"><span style="font-size: 12pt;">> You're describing investment schools of thought. I was talking about how dumb </span><br></div><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"><div style="font-family: 'times new roman', 'new york', times, serif; font-size: 12pt;"><div
class="y_msg_container">> money actually operates. These features are timeless.<br><br>Many economists would disagree that the concept of "dumb money" has any meaning. According to some, the markets always behave rationally and/or efficiently, as per the Efficient Market Hypothesis. I thought Mirco wanted to argue along those lines, but he also recognized in his last post that "selfishness" (greed) is a factor. </div><div class="y_msg_container"><br></div><div class="y_msg_container">Gordon<br><br><br></div> </div> </div> </div></body></html>