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How the EMH has damaged our industry

EMH: The dead parrot of finance

The First EMHer!

It could have been so different

Another perfect EMH believer

Belief bias

Percentage accepting conclusion as true

Slaves of some defunct economist

Risk and return for value and growth stocks

Slaves to a defunct economist II

Not a drop of evidence

Forecast error over time

Analyst expected returns

The fleeting nature of opportunities

Beauty contest

Keynes’s beauty contest

Prima Facia Case Against EMH

The EMH ‘Nuclear Bomb’

Empirically flawed

Institutional investors vs. US market

Many active managers aren’t even trying!

Why not? Career and Business risk

Baa

CFA Survey

Towards a better way of investing