Post by Sócrates Paredes-Rodríguez

“There's another, finer idea buried in there: if the market really works this way, the expected value of any speculative strategy is zero. A ‘fair game’. Economists will rediscover it decades later under another name ‘martingale’ and turn it into a pillar of the efficient market idea. The committee listens. In the end it awards a grade: mention honorable. Not the top grade, mention très honorable, the one that opens the door to the best academic positions. The topic, they write in substance, is too far from what their candidates usually work on.”, by Alessio Fratini