efficient . . . 2.a. Acting or producing effectively with a minimum of waste, expense, or unnecessary effort.1

EfficientMarkets.com Argument and evidence against financial market inefficiency and corruption.

Wall Street, 1997

Wall Street is rife with toll collection, zero-sum gaming, and organized crime. This is expensive for investors, issuers, and taxpayers and corrosive of the values of productive work, fairness, and honesty for all of America. The technology now exists to make much of the securities business fairer and more efficient. The market and political conditions are right also. But technology and good timing are not enough—leadership is required. I think you could, if you wanted to, successfully lead the effort. I would like to help. complete letter

Wall Street, 1998

Thank you for your kind reply to my screed … The corruption of the present system is more apparent by the day. To take just two practices publicized since my first letter: floor brokers at the NYSE front-run customer orders (so far, the big upstairs dealers have again avoided prosecution), and securities firms use shares in underpriced IPOs as bribes to gain future underwriting business (the business press missed the more general point: securities firms work for themselves, not their clients). complete letter

1. The American Heritage Dictionary (Houghton Mifflin).

EfficientMarkets.com: Wall Street, 1997; Wall Street, 1998

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