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emr comments on Open Thread, Feb. 2 - Feb 8, 2015 - Less Wrong Discussion
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What's LessWrong's collective mind's opinion on efficient markets hypothesis? From Facebook feed I vaguely recall Eliezer being its supporter, it also appeared in some of the Sequences. On the other hand, there is a post published here called A guide to rational investing, which states that "the EMH is now the noble lie of the economics profession".
I have a well-read layman's understanding of both the hypothesis and various arguments for and agains it and would like to know what this community's opinion is.
While we're here: How do real-world incentive structures interact with the EMH?
In the same way that "No one was ever fired for buying IBM", is it true that "No one was ever fired for selling when everyone else was"? And would that mean someone without these external social incentives will have an edge on the market? For example, what about a rule like "put money into an index fund whenever the market went down for X consecutive days and everyone is sufficiently gloomy"?