Efficient Market Hypothesis

The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information. A direct implication is that it is impossible to “beat the market” consistently on a risk-adjusted basis since market prices should only react to new information or changes in discount rates (the latter may be predictable or unpredictable).

The EMH was developed by Professor Eugene Fama who argued that stocks always trade at their fair value, making it impossible for investors to either purchase undervalued stocks or sell stocks for inflated prices. As such, it should be impossible to outperform the overall market through expert stock selection or market timing, and that the only way an investor can possibly obtain higher returns is by chance or by purchasing riskier investments.[1] His 2012 study with Kenneth French confirmed this view, showing that the distribution of abnormal returns of US mutual funds is very similar to what would be expected if no fund managers had any skill—a necessary condition for the EMH to hold.[2]

via Wikipedia

Facebook & Funny Or Die

Last month, in its second round of layoffs in as many years, comedy hub Funny or Die reportedly eliminated its entire editorial team following a trend of comedy websites scaling back, shutting down, or restructuring their business model away from original online content.
Hours after CEO Mike Farah delivered the news via an internal memo, Matt Klinman took to Twitter, writing, “Mark Zuckerberg just walked into Funny or Die and laid off all my friends.” It was a strong sentiment for the longtime comedy creator, who started out at UCB and The Onion before launching Pitch, the Funny or Die-incubated joke-writing app, in 2017.
But Klinman explained in a thread: “There is simply no money in making comedy online anymore. Facebook has completely destroyed independent digital comedy and we need to fucking talk about it.”

Article on Splitsider. (long)