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1. Sebastian Junger, “The Perfect Storm,” 130 (Harper Paperback 1998).

2 See, e.g., Paul A. Samuelson, Proof That Properly Anticipated Prices Fluctuate Randomly, 6 Indus Mgmt Rev. 41, 48 (1965); Eugene Fama, Efficient Capital Markets: A Review of Theory and Empirical Work, 25 J. Fin. 383, 392 (1970)

3 For an overview of the literature and cogent dissent from EMT, see Lynn A. Stout, The Mechanisms of Market Inefficiency: An Introduction to the New Finance, 28 J. Corp. Law (2003) 636.

4Robert J. Shiller, Irrational Exuberance (2000) (“Irrational”) 5-12; see generally Roger Lowenstein, Origins of the Crash (Penguin 2004) (“Origins”).

  • 5.

    Robert E. Rubin, “In an Uncertain World,” (Random House Trade Paperback 2004), 330.

  • 6.

    Ibid.

7 See this author’s “A Perfect Storm: Changing a Culture,” Swedish Corp. Gov. Forum, Dec. 2003.

8 Ronald J. Gilson & Reinier Kraakman, The Mechanisms of Market Efficiency Twenty Years Later: The Hindsight Bias, 28 J. Corp. Law (2003) (“MOME”) 715, 739 (and papers cited).

9Nicholas Barberis & Richard Thaler, A Survey of Behavioral Finance, in Handbook of the Economics of Finance (Geo. Constantinides, Milt Harris & Rene Stolz eds., 2003) [“Survey”]1051, 1055.

10 “Irrational,” supra, at 215, 231; Fox, Is the Market Rational? Fortune Dec. 9, 2002, 116, 126 (Shiller and Thaler advise investors to diversify completely); cf. Choper, Coffee, & Gilson, “Cases and Materials on Corporations” 6th ed. (Aspen 2004) 191.

11 See, e.g., Charles M.C. Lee, Andrei Shleifer, & Richard H. Thaler, Investor Sentiment and the Closed-End Fund Puzzle, 46 J. Finance (1991) 75, 80-81 and materials cited.

12 Alon Brav & J.B. Heaton, Market Indeterminacy, J. Corp. Law (2003) 517, 534 (n.66) (ital in original).

13 See, e.g., MOME, supra, at 737-9.

14. Goldfarb suggested either of Mutual Shares or Beacon, both managed by the same person, and I arbitrarily chose the one with the slightly larger equity concentration. Two weeks later, he

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