Has social media broken the stockmarket?
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2024-09-05 822词 中等
A new paper by Cliff Asness, an illustrious quantitative investor, suggests the stockmarket is an exception—a case that holds appeal today, given the market madness of August and the recent rollercoaster ride in the stock of Nvidia, a tech giant. The reason for the stockmarket’s exceptional status is, in part, because market efficiency differs from production-line efficiency. An efficient market is one where “prices reflect all information”, according to Eugene Fama, a Nobel-prizewinning economist (and Mr Asness’s PhD adviser).
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