对于对冲基金的表现是否与有效市场思想冲突的问题，作者没有直接回答，而是提出了另一种概念：适应性市场理论（adaptive market theory），指出躺在地上的20美元钞票是存在的，只不过不是在大街上，而是在死胡同里。
What about the thought that hedge funds undermine the idea of efficient markets? Instead, Mr Lo suggests an alternative concept: adaptive market theory.
他提出，这种思路来源于有效市场理论的一个信条，认为价格即可反映商品的全部信息。
This approach, he argues, stems from a belief in efficient-market theory which states, at its simplest, that prices reflect all available information.
在EMH提出后的十几年时间里，有效市场假说在理论上和实证上都得到了强有力的支持。
During the more than ten years after EMH been put forward, it gain strongly sustain from theory and demonstration.
本文基于分形市场理论及对中国股市的实证研究，提出了开放式基金防范信息性风险的有效策略。
We propose some effective strategies of preventing informative risk in open-end funds based on the empirical investigation of China Stock Market and on the fractal theory in this paper.
针对有效市场假设理论(emh)基本假设中关于专业套利者促成市场有效的作用，本文提出置疑。
The paper puts forward doubt about professional buyers who fraudulently purchase interests and promote markets efficient function under EMH.
在金融市场中由于有效市场假说的不足和缺陷，分形市场理论被提出。
Due to the weakness of Efficient market Hypothesis in financial market, the fractal market theory is proposed.
在金融市场中由于有效市场假说的不足和缺陷，分形市场理论被提出。
Due to the weakness of Efficient market Hypothesis in financial market, the fractal market theory is proposed.
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