The Importance of Efficiency in the Market

Howard Kurtz: The market has become more efficient. It's harder to beat the market and the margin of superiority is less. When I started 45 years ago, I was convinced that compared to others we could get more return with less risk if we did a better job. He says inefficiency comes from two things, ignorance and prejudice. Kurtz: There are still periods when people are afraid,. run from risk excessively, panic, want to get out of the stuff they own - especially if it has a sintilla of risk.