Is the efficient market hypothesis a legitimate concept?  After years of existence has it proven itself correct or not?  Or has it proven itself to be utter crap?  As you can probably guess from the last question we think that it is crap.  The efficient market hypothesis or EMH states that all the information that can be used is already in the market and that practitioners can not beat the market over a long period of time.

Well guess what?  There are several groups of investors that have done exactly that.  Some use well known info and other go out of their way to find pockets of lesser known info but they  can and do beat the market on a regular basis.  Value investors have long been thought of as a group that trounces the market averages over full market cycle.  A lesser known group that has had even more success is that of the global macro traders.  As a group they have been the best performing hedge fund style since at least 1994 when the first database started to track this data.  They beat value, long short equity, etc. in the quest for superior gains.  And they did all of this with less then market risk.