Quarterly Journal of Austrian Economics
In Defense of Fundamental Analysis: Securities Arbitrage and the Efficient Market Theory
Volume 3, No. 1 (Spring 2000)
An entire generation of students has been taught to accept efficient market theory (EMT) as gospel. They have learned about investing in securities in an academic environment that rejects fundamental analysis. With the Austrian School of economics as his starting point, Frank Shostak has begun the process of reexamining EMT. Applying arbitrage and the historical record of Benjamin Graham and Warren Buffet to EMT would continue this process of critical examination.