PT - JOURNAL ARTICLE AU - George Frankfurter TI - What Is All Efficiency?—<em>A Note</em> AID - 10.3905/joi.2020.1.135 DP - 2020 Jul 31 TA - The Journal of Investing PG - 117--120 VI - 29 IP - 5 4099 - https://pm-research.com/content/29/5/117.short 4100 - https://pm-research.com/content/29/5/117.full AB - In a nostalgic spurt, I reminisce about the meaning of the adjective “efficient,” in the context of a normative model, where it signified no dominance by any other choice. And how this value-neutral meaning turned into an ideological, value-laden jargon of “efficiency,” to adorn capital markets as the avatar of God.TOPICS: Portfolio theory, portfolio constructionKey Finding• What is normative and what is positive, value-neutral, and value-laden, and how efficiency got a meaning of its own.