The efficient market hypothesis may also be less accurate during periods of rising asset prices, asset bubbles, and crashes in financial markets. Proponents of the efficient market hypothesis tend ...

"If you really, truly believed in the efficient market hypothesis, there would be no hedge funds or no single stock picker outperforming the markets, but that's obviously not true," Yu says.

And so in this view, Cashin is broadly taking a swipe at the efficient-market hypothesis, a school of thought that basically argues that markets are rational and unbeatable. The idea is that in an ...