And that is why there will always be market anomalies for academics to discover.

ECONOMIST: The strange existence of market anomalies

Warren Buffett Next Door (see Tap Your Inner Buffett) Mike Koza looks for similar market anomalies, only on a much smaller scale.

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Although behavioural financiers have spotted market anomalies, they have not shown that these can be systematically exploited: the average fund manager still struggles to produce a return that matches the index.

ECONOMIST: Investment management

There's plenty of evidence that stock prices are slow to react to news, creating the potential for making money from momentum trading, says Tobias Moskowitz, a finance professor at the University of Chicago who studies market anomalies.

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The idea behind Long-Term Capital Management was that pricing anomalies in the market could be picked up with the help of sophisticated quantitative analysis.

ECONOMIST: Business books (4)

Then, as recently, market prices moved erratically, creating anomalies to exploit.

ECONOMIST: Buttonwood

Kai: Over many years, academic research has discovered a variety of factors that produce such abnormally high returns that efficient market theorists consider them to be anomalies.

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The perceived statistical anomalies taking place with market internals.

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Roughly 6 weeks ago in a Forbes Sports Money piece, I argued that the Chicago Cubs were one of the biggest anomalies in professional sports for their inability to find consistent success despite favorable local market conditions (i.e. a large market size coupled with an enthusiastic fan base).

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