Probably a majority of the finance theorists discussed in this book have had some involvement in practical activity that would make no sense if the efficient-market hypothesis were taken to be an entirely accurate model of markets. This activity ranged from simple, small-scale private investment like the purchase of National General warrants, to the more demanding exploitation of anomalies such as the "turn-of-the-year" effect, and, on the largest scale, the massive arbitrage trading by Long-Term Capital Management.

Donald MacKenzie, An Engine, Not a Camera, loc. 1114