TY - JOUR T1 - What Is All Efficiency?—<em>A Note</em> JF - The Journal of Investing SP - 117 LP - 120 DO - 10.3905/joi.2020.1.135 VL - 29 IS - 5 AU - George Frankfurter Y1 - 2020/07/31 UR - https://pm-research.com/content/29/5/117.abstract N2 - 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. ER -