FINC314 Lecture Notes - Lecture 20: A Random Walk Down Wall Street, Andrei Shleifer, Dot-Com Bubble
10 Feb 2020
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Document Summary
Tonight, we bring together material from the last several lectures via three readings: a random walk. Down wall street by burton malkiel; do hedge funds hedge? by clifford asness, et al; and the limits of arbitrage by andrei shleifer and robert vishny. A random walk down wall street is a classic for a reason: it is at once accessible, engaging, and wide ranging in its coverage. This first section of the exploratory note covers some of the items in the book which i find to be most interesting. We touched upon this material heavily last week; however, to jog our memories, what distinguishes a. Firm foundations apply an actual value to stocks efficiency is a firm foundations approach. Castles in the air approach says that fundamentals don"t matter because the market is going to do what they"re going to do, and it doesn"t matter if they"re right or wrong, we should move on their perception.
