Are markets efficient

Not so long ago, let's say 20 years markets operated of course not efficient in that sense that all information was available to all market participants and it took a while, not seldom weeks, that news got really priced into an asset.

It was in 1989 when I opened my first account with a broker in Chicago to deal me the hot stuff. I was after S&P 500 and like all newbies my first trades haven't been exactly successful - reason being a nasty word I learnt later - slippage.

Now, slippage does not sound like crime but in this days it clearly was. As proved later people would get fills where there was no log at the stock exchange of any transaction - apparently in crowded markets like Index Futures difficult, if not impossible, to proof.

My Account Rep was a nice guy named Rick, who used to phone me several times a day to pass on the latest wisdom. At least you got service for 150 USD per RT.

Whatever happened to him? Personally, I miss him. I miss hearing him say, Funds are buying, when prices were up, and when they were down, saying, Funds are selling. Where can you go to get that kind of insight these days?

Further Readings