Hello Austrians,
My name is Chip Brown, and I’m a student of Finance at Menlo College School of Business in the Silicon Valley. I trade commodity futures, and will be working in the CBOT. I am currently researching how Political News Effects Oil Futures, using an asset-pricing model, and researching how the Federal Reserve can exit QE, using a sensitivity and indicator model. As a trader, my theory of EMH is that there are periods when prices obviously reflect news of uncertainty(certainty) therefore efficient, and between these bounds, markets are inefficient. IE investors will over-react to news of uncertainty, then under react to more uncertain news(ie inefficient), then again over react to news of certainty, and then under react to news of certainty… so on. I don’t believe it is a black-and-white issue, it is certainly not always random, and certainly not always predictable. I believe in Free Markets, and continued competition.

I look forward to discussions about EMH, liquidity traps, and the like.