Does The Efficient Market Hypothesis Have Any Implications For Individual Investors?

A problem is discussed, whether it is possible to establish scientifically the best investment strategy for an ordinary stock exchange player. According to Burton Malkiel, such strategy is buy and hold. It is shown that both empirical and theoretical arguments are not strong enough to establish his claim. Economic science will never clearly answer, whether it is better to invest in a broad market index, or give money to professional fund managers. In one historical circumstances the first approach might be better, in another the second. Economics will not tell which of these circumstances will reign in the future, because this is an entrepreneurial problem.