Verimli Marketcilere Gondermeler

Jeremy Grantham Nisan ayi mektubunda yaptigi bir konusmaya da yer vermis. Muhakkak okuyun derim. Fama ve verimli market teorisini cok saglam elestirmis. Ayrica Keynes ile Graham-Dodd arasinda cizdigi benzerlikler oldukca hos.. En cok hosuma giden ise su sozleri oldu:

Since the market is efficient, to Fama and French quality must be a risk factor! So, by protecting you in the 1929 Crash and in 2008, and by having a low beta for that matter, Quality as represented by Coca-Cola and Johnson & Johnson must be a hidden risk factor. Oh, I know: “The real world is merely an inconvenient special case!”

Mektubun tamamini burada bulabilirsiniz..