“What causes #poverty ? Nothing. It’s the original state, the default and starting point. The real question is, What causes #prosperity ?”
- Tweet by @PerBylund
“Imagine if the economy as we know it was built on a myth. Imagine if that myth was the foundation stone on which the mainstream financial systems that control the global economy have been erected – the great bazaars of stock markets, bond markets, fiendishly complex financial instruments, credit default swaps, futures and options on which the fortunes of billions rest. Imagine if the myth was the key cause of the global crash in 2008 – and if its perpetuation today threatened another catastrophic crash in the future. We don’t have to imagine. The myth is Efficient Market Theory.”
- David Harding, ‘Efficient Market Theory: when will it die ?’, Winton Capital Management, February 2016.
A few years ago, a friend crunched some numbers to try and establish the best performing funds in history. His criteria were challenging. Firstly, he wanted to see audited figures going back at least 20 years. Secondly, he wanted to see average annualised returns of at least 20 percent. Eleven funds made the final cut.
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