Josef Lakonishok says stock prices are driven by gut-wrenching emotion that smart investors can exploit. Eugene Fama says an efficient market governs prices, which means stock picking is a cruel illusion. When both invest, who does better?
Editor’s Note: See another article on this theme, ‘Is That a $100 Bill Lying on the Ground? Two Views of Market Efficiency’, at
Seth Lubove
Source: Forbes
Subject: Finance
Industry: Investing
