Steve Keen

You might not be aware of this.

I mean, I was reading his stuff before he retired as an academic.

And I've got one of his books up here on my shelves.

And it's all the efficient markets hypothesis.

However, there was always an appendix at the back.

that went into detailed mathematical and empirical crackdown of that theorem.

Now, when he retired, he started publishing other books, one of which is called The Beast on Wall Street, another one called The Inefficient Markets Hypothesis.

Now, you don't get any of this turning up in what you get taught.

And these are far more realistic, far more empirically accurate than the Sharpe and the CAPM attitude and so on.

But the thing is, to take this on, you've got to abandon the whole equilibrium of session.

And academic economists will never do that.

So they'll add a little attenuations to it, but they will never admit that it doesn't work, isn't the right reference point.

And, of course, one thing that Hagen argued earlier

in his books that the market is not efficient.

It's the opposite.

It's inefficient.

And therefore, there are possibilities.

You can find shares with low volatility and high return, which according to the inefficient markets hypothesis, they shouldn't exist.

They're the entire basis of Hagen's investment strategy.

Not at all.