Andrew Redleaf, a Yale
graduate and manager of Whitebox
Advisors, a hedge fund, discusses
his experience with financial
markets. He addresses one of the fundamental questions in finance--whether or not markets are efficient--and concludes that although they don't seem to be efficient, beating the market is very difficult. Mr. Redleaf discusses his thoughts about psychological
barriers that make markets inefficient. He also comments on his beliefs
regarding risk management and how people are compensated for mitigating risks, rather than for taking
on risk as is often perceived.