No Such Thing as a Free Lunch, Revisited - Economix Blog - NYTimes.com

Whether you believe markets are efficient or not, this one has something for you. It will be a definte "MUST read" for my students this coming semester. It is by Ed Glassnor of Harvard. No Such Thing as a Free Lunch, Revisited - Economix Blog - NYTimes.com: "The absence of arbitrage possibilities does not imply that market prices always and everywhere reflect some sort of fundamental values.