A new realisation has dawned among the most fervent advocates of financial analysis and collective investor wisdom: markets are not always rational.
For the past five decades, the Chartered Financial Analyst Institute has been teaching the tenets of analysis based on efficient markets to tens of thousands of adherents from banks, fund managers and investment houses that make up the global financial system.
Now, however, the credit crisis has forced high priests of rational market theory to question their own creed.
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