şi sunt mai nebunatice ca niciodată.
Pe urma unui articol din The Guardian am aflat de Raportul Lordului Turner, presedintele consiliului FSA (Autoritatea Serviciilor Financiare din Anglia), raport (PDF) ce are in centru propunerea unui ghid de bune practici in ceea ce priveste riscul la care se expun de actorii de pe pietele financiare, Canti, nu stiu daca am spus bine …
După cum puteţi să vă imaginaţi, nu toată lumea a sărit în sus de bucurie.
extras din raport …
1.4 (i) Efficient markets can be irrational
The predominant assumption behind financial market regulation – in the US, the UK and increasingly across the world – has been that financial markets are capable of being both efficient and rational and that a key goal of financial market regulation is to remove the impediments which might produce inefficient and illiquid markets. A large body of theoretical and empirical work has been devoted to proving that share prices in well regulated liquid markets, follow ‘random walks’, and that it is therefore impossible to make money on the basis of the knowledge of past patterns of
price movement, with prices instead changing as new information becomes available and is assessed by a wide range of independently acting market participants. And the assumption has been that these independently acting market participants are in general rational in their assessments and that the overall level of prices as a result has a strong tendency towards a rational equilibrium
Lectură plăcută!