I’m on the road in Denver, and tomorrow I deliver this talk Efficient Markets versus Adaptive Markets. It is similar to the talk I gave to the Society of Actuaries, but has less background data, and focuses on how markets are adaptive, how multiple strategies compete for scarce excess returns.
Away from that, for those that care about the forced place mortgage jive, review this piece from AIZ Sterne Agee and Assurant. The issue is not as cut and dried as others would say.
Full disclosure: long AIZ