Passive Investing Theory, part three: Market Efficiency

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Passive Investing Theory, part three: Market Efficiency

February 19, 2013

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Part three of a four-part series exploring the foundations of passive investing and the men who have brought it to global significance. Market efficiency - the theory that markets reflect all available information - was explored in Eugene Fama's Efficient Market Hypothesis in the 1960s, but has its roots a century earlier in 19th century mathematician Sir Francis Galton's observations on 'the wisdom of the crowd' and 'regression to the mean'; and later in the work of Nobel Prize-winning Austrian Economist Friedrich Hayek on stock prices. With comment from Tim Hale and Prof Patricia Chelley-Steeley.

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