Читать книгу Taming the Lion - Richard Farleigh - Страница 14

One consequence of an efficient market is that prices move in a random manner. All current information is already reflected in the current price, which means that the price can only move in response to new (and thereby, as yet, unknowable) news. Therefore there is no trend, and no one can predict what the price is going to do next.

Microsoft shares could be a good example of market efficiency. As I write, their price in New York is $24.91. This is the price that reflects all the known information about Microsoft. As ongoing information emerges about the company, it is disseminated quickly, traders buy and sell on the basis of that information, and the price moves accordingly. Your guess is as good as anyone’s about where the price will go from here.

An efficient market offers us no opportunities. It is an opponent without weaknesses.