Should The Efficient Market Hypothesis Evolve To Include Preferences?

The efficient market hypothesis (EMH) will always have its defenders, because without it you would have to admit that investing isn’t a hard science in the vein of physics or chemistry. This can lead to some odd positions (like people who claim that Warren Buffett is just an incredibly lucky investor), but it also seems to require ignoring clear data that individual investors who manage their own portfolios routinely underperform the markets by a couple percentage points even without accounting for taxes and fees.

“Whether . . .

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