The Magic of Markets

The way markets aggregate information and facilitate decentralized planning is almost magical. But paradoxically, the magic continues only because the process is flawed. Therefore, the market is better characterized as being adaptive rather than efficient; and our research should seek to understand, rather than assume, the adaptive process.

还在关注自选股？留心技术关联公司的表现

在当今知识经济时代，技术创新已经成为公司发展和商业变革的核心驱动力。经研究发现，在技术领域紧密关联的公司，在其股票收益上也存在可预测的关联。本论文提出，可以引入“技术动量”来构建投资策略，帮助投资者预测目标公司未来的股票收益。