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Technology has made markets less efficient at long horizons rather than more efficient.

open-ended posted by Cliff Asness · 3 Sept 2024

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  1. 3 Sept 2024

    Cliff Asness archive

    Above I dismissed the notion that technological advances should make the market more efficient in all but the short-term sense. Here, I argue it likely goes the other way at longer horizons. And, IMHO, this is the best of my three hypotheses.

    The Less-Efficient Market Hypothesisaqr.com