joeteicher comments on Financial incentives don't get rid of bias? Prize for best answer. - Less Wrong

3 [deleted] 15 July 2010 01:24PM

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Comment author: [deleted] 16 July 2010 06:27:25PM 5 points [-]

What the weak EMH should say is that "retail investors can't systematically exploit market irrationalities to make money." That definition holds up well, even in the case where the retail investor hands his money to a professional money manager. There are 10s of thousands of professional traders who make their living exploiting market irrationalities. I'm one of them. The weak EMH doesn't apply to us. We are the ones who make sure that it applies to you!