In efficient markets, such an anomaly should be arbitraged away.

在有效市场中，这种异常情况理应被判出局。

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For those who believe in efficient markets, this represents a triumph.

对那些相信有效市场理论的人来说，这代表着一场胜利。

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'Why doesn't his belief in efficient markets determine every step he takes with his own money?

为什么他对有效市场的信念没能主导他在自己金钱上的每一步行动呢？

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This means that more efficient banks will inevitably get a bigger share of the cake in concentrated markets, such as Britain, and buy weaker, less efficient competitors in fragmented markets such as America.

ECONOMIST: Winners and losers

Our customers say they come back to us because we provide the most liquid and cost-efficient markets in the world.

ECONOMIST: Smoking slaves

Malkiel was in essence embracing the efficient markets theory that says fund managers as a group cannot outperform the market, so investors who pay big commissions and other management expenses are cheating themselves.

FORBES: About Burton Malkiel