Larry's Market Comments at Critical Points

[Ek]

wlod: i believe the efficient mkt theory applies to "longer term" pricing efficiency, and does not claim to be anywhere near being accurate in the short term, i.e. the efficient mkt theory indicated the mkt was overpriced back in 1997 (remember irrational exhuberence ?), but it took a number of years to correct. therein lies the aspect of crowd psychology and trends.

ek