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.

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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.

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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.

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