Matt Levine Live at Bloomberg HQ
Conversations with Tyler
Is the Efficient Markets Hypothesis Really Making Sense?
i'm mostly an efficient market sky, but when i look at initial public offerings, i'm very baffled, because investment banks take such a huge cut. One version of efficient markets is that, in the absence of news, the price yesterday is going to be the price to day. Oi think there's some sort of continuity of prices, and the ipo is a huge discontinuity. Well, will get further data, but they're not obviously doing better.
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