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Title: Latter editions refute is own argument
Review: This is a useful book to understand the whole efficient market idea. It explains very well why short term speculation is very difficult, but falls short of holding up the efficient market hypothesis in it's most rigorous form.The latest editions of the book go through enormous contortions to maintain the efficient market thesis despite so much evidence to the contrary a lot of which he actually discusses but fails to refute. At one point he actually recommends that you try to time any NEW money you have to commit to the markets. Of course there is no reason given why new money should treated any differently than money already under risk. I guess his answer would be transaction costs? I find that very weak.Keeping cash around for buying when markets are cheaper, and selling some of your holdings when markets get silly is so basic to professional risk management, that it is shameless for him to keep touting this stuff.
