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Re: EMH

Devine, James wrote:

>The anomalies that have been identified over the years - that low P/E 
stocks outperform high P/E ones, for example - imply that stocks are,
at least to some degree, predictable.

the SM is predictable in the sense that pen-l is predictable. 

My god, if the stock market were that predictable, I'd have set up my
own hedge fund *years* ago.

Doug

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