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Value After Hours S06 E14: Vitaliy Katsenelson on soul in the game, value, sideways markets $TSLA

The Acquirers Podcast

NOTE

Evolution of Modern Portfolio Theory and Efficient Market Hypothesis

Harry Markowitz introduced modern portfolio theory in 1952, highlighting diversification and risk-return relationship. In 1953, Maurice Kendall's talk on wheat prices moving randomly supported the belief in unpredictable markets. Eugene Fama's 1965 PhD thesis introduced the Efficient Market Hypothesis, categorizing it into weak, semi-strong, and strong forms. The weak form states that predicting a stock's future prices from past prices is impossible, challenging the validity of technical analysis.

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