Markets Are Not Efficient—and That’s Okay
Fergus Hodgson, August 13, 2020 
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If markets were as efficient as portrayed in textbooks, investors could only hope to obtain the average return. However, several funds and managers have consistently beaten the market over the years, points out John Dobelman.
A professor of statistics and the director of the Center for Computational Finance and Economic Systems at Rice University, he argues in a new book that market inefficiencies are what allows investors to thrive.
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This week, we interview Frederick Bell, CEO of Elemental Royalties (TSX-V: ELE), the new company in the Discovery Group. 
Recommended Links
- Follow John’s work and visit the Center for Computational Finance and Economic Systems at Rice University.
- “The Weak, Strong, and Semi-Strong Efficient Market Hypotheses,” Investopedia.
- “Efficient-Market Hypothesis Is ‘Death Star’ in New Dobelman, Williams Book,” Rice’s Department of Statistics.
- Get his book, A Random Walk to Nowhere.
- Models for Investors in Real World Markets, by Edward Williams, James Thompson, and M. Chapman.
If You Liked This Episode
- “Paths to a Financial Education,” Gold Newsletter Podcast.
- “Herd Behavior Backs Need for Technical Analysis,” Gold Newsletter Podcast.
- “How to Spot a Bubble,” Gold Newsletter Podcast.
- “Master Data as a Lay Investor,” Gold Newsletter Podcast.
Fergus Hodgson is Gold Newsletter’s roving editor. Follow him on Twitter and Facebook.