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In a message dated 98-05-14 08:54:01 EDT, mstoller@xxxxxxxxxxxxx writes:
> But, and this is a big but- Judge Levine stated in his opinion that the
> claims of R&W
> could not be true because "generally accepted principles of economics, as
> well as
> common sense, instruct us that such a happy discovery is not to be. In
> contradistinction to the hucksters of retail trading programs, respected
> scholars are
> virtually unified in their recognition that even the most legitimate
> technical
> systems...are incapable or providing the trader with any significant market
> advantage."
> This hearing was an administrative hearing, not a court trial.
> Of the 20 plus billion dollars in managed futures programs, the vast
> majority is
> managed by technical analysis systems. One must wonder why the judge chose
> only to
> give credit to the ivory tower academics and not the real world.
Only one possible answer to that. Ignorance. One wonders if that precedence
were attempted to be used, if nothing in the hearing supported that monumental
conclusion, and evidence were presented to the contrary, would he have to be
able to back up that claim with real evidence. Interesting thought.
Pete
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