An Efficient Stock Market? Ridiculous

5 Pages Posted: 27 Mar 2013 Last revised: 2 Oct 2013

Date Written: June 30, 1983


The stock market is not likely to be efficient. This paper provides examples of why. Specifically, it shows how lack of understanding by investors and financial analysts can distort prices in relation to fair value.

Keywords: active management, security, analysis, efficient portfolio

JEL Classification: G11

Suggested Citation

Ferguson, Robert, An Efficient Stock Market? Ridiculous (June 30, 1983). Journal of Portfolio Management, Summer 1983 v9(4). Available at SSRN:

Robert Ferguson (Contact Author)

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