Jamal Awil

← An Engine, Not a Camera

However, there is one major exception to this pattern. [fact]

However, there is one major exception to this pattern. Efficientmarket theory's most important practical product was the index fund, and the growth of indexing created an anomaly from the viewpoint of the theory: the sharp increases in price that typically followed a stock's inclusion in a major index, which is an essentially "informationless" event that should not affect prices.

Donald MacKenzie, An Engine, Not a Camera, loc. 1152