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S2000 is correct:
This is a typical case of illicit minor syllogistic fallacy . The minor term is distributed as the conclusion but not in the process.
Argument : the January effect is true . This proves that a weak form efficient market does not exist .ergo a strong form efficient market cannot exist too.
An explanation of the illicit minor argument is :
All Dogs have tails
A cheshire cat has a tail too.
So the cheshire cat must be a dog.
The fallacy:
All strong form efficient markets are weak-form efficient as well.
So in order to prove that a strong form efficient market cannot exist , it is sufficient to prove that a weak form efficient market does not exist.
Forgive me. |
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