Just got around to reading this. Good post Noah. T...

Just got around to reading this. Good post Noah. Those certain that Noah is some academic fool, stuck in his ivory tower, take the time to learn the no arbitrage argument for the EMH. It is at once so simple, and yet so deep. Once you've done this, and you still think that even the weak form of the EMH is bullshit, then pray your luck doesn't run out before you gain some wisdom. We need academics like Noah to look at the system from the outside precisely because he does not drink the kook aid.