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ETF Specialist

Losing My Religion

How I unlearned efficient markets folly.

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This article was published in the April 2013 issue of Morningstar ETFInvestor. Download a complimentary copy of ETFInvestor here.

When I first began investing, I caught the passive investing bug bad. The efficient-markets hypothesis, or EMH, was like a divine revelation to me. It was elegant--almost beautiful--and blessed by an impressive-sounding body of authorities. The University of Chicago was my church, Eugene Fama my high priest, and Jack Bogle a saint. He still is, of course.

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Samuel Lee does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.