Let's just say I believe in a weak form of the efficient audio market hypothesis.
Josh,
Was that a setup for me to launch into my story of Harry Markowitz (Nobel Prize in Economics for the Efficient Market Hypothesis) denouncing me on a trading floor? Suffice it to say that I don't believe that accurate information is necessarily available to all, at a given time or at all, whether it be financial markets or High End audio.
This is after all, an area where subjective perceptions reign supreme. A specific vendor's products are touted as 'revolutionary', getting raves in print and ezines, yet I and those whose ears I trust consider it mediocre at best. And sometimes, these reviewer actually post associated equipment, so the reader might discern it only sounds decent with good power conditioning. But they never bother to actually post an evaluation of that equipment with and without that powerconditioning. Its not that the info isn't out there, its just that we're too stupid or uninformed to evaluate a 'review' for what it is, sometimes worthwhile, and sometimes absolute drek.
Its interesting to note that McCormak Audio, who made excellent product, ultimately failed as a business, until it was brought under the control of Conrad Johnson, a company run by 2 Phds in Economics.
And then there is 'price elasticity' and its effect on perceived value. So Josh, what sort of watches do your co-workers and bosses wear?
