The Kay Report is not a long-term solution to problems in equity markets

The Report's argument breaks down if markets are efficient and investors are rational, so, as background to practical considerations, the Report explicitly embraces behavioural finance. Sympathetic as I am to this argument, the Report cruelly exposes the weaknesses and contradictions which await those who abandon the intellectual discipline of the assumption of efficient markets.

Read the full blog post here

Source: http://www.iea.org.uk/blog/the-kay-report-is-not-a-long-term-solution-to-problems-in-equity-markets

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