During periods of extreme fear or greed, you don't have the proper balance between those two to generate market efficiency and you get extremes in behavior.

Books
Dynamics of the Hedge Fund Industry ISBN 0-943205-72-7
Hedge Funds: An Analytic Perspective 2008. He is the author of several academic articles in Finance and Financial economics. PubliAndrew Lod by Bloomberg Press.

in Economics from Harvard University (1984). He is a leading authority on hedge funds and financial engineering; he proposed the Adaptive market hypothesis. in Economics from Yale University (1980) and a Ph.