(책 요약) Quantitative Finance with Python (Chapter 3 - Theoretical Underpinnings of Quant Modeling)

핵심 내용

• Efficient Market Hypothesis (EMH): investors should not be able to consistently outperform on a risk-adjusted basis.
  • EMH 가 틀렸음을 보이는 증거들
    • Traders relying on inside information tend to earn excess profits
    • January Effect where excess returns tend to occur consistently in January relative to other months
• Diversification is often said to be the only free lunch in financial markets.
  • Historically, stocks and bonds tend to exhibit negative correlation. This causes the volatility of portfolios involving both treasuries and equities to decrease.