Ken Kam and Market Efficiency
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Abstract
An entrepreneur named Ken Kam has transcended the conventional interpretations of how to go about picking mutual-fund stock pickers. Compared to the S&P500, his mutual fund has been delivering significantly better returns with a significantly better “beta.” His discovery is not aptly described as merely new information, and thus illustrates the point that knowledge ought not be flattened down to mere information. Does Ken Kam’s mutual fund falsify the so-called market efficiency hypothesis? If not, why not? And if not, what would?