My very first "Curious Capitalist" column is in the current issue of Time. It’s the issue that was supposed to hit newsstands last Friday, although an awful lot of newsstands haven’t figured out yet that Time now comes out on Fridays. Last Friday night with the in-laws it took three stops before we finally found a copy (at the Reston Barnes & Noble). Today at the Raleigh-Durham airport the Hudson News still had last week’s Time on display.
Anyway, the column is about hedge funds and their inevitable decline (as a group) into mediocrity. It stars Ed Thorp, about whom I offer some more detail in a blog post. And it continues what’s becoming a theme for me: That despite all my jabbering about financial markets not being efficient, I still tend to believe that, over time, markets are actually pretty efficient. Oh well.