How would you respond to the following comments?
a. “Efficient market, my eye! I know lots of investors who do crazy things.”
b. “Efficient market? Balderdash! I know at least a dozen people who have made a bundle in the stock market.”
c. “The trouble with the efficient-market theory is that it ignores investors’ psychology.”
d. “Despite all the limitations, the best guide to a company’s value is its written-down book value. It is much more stable than market value, which depends on temporary fashions.”
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