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Bowling Party - Other July Events

No RET meeting on July 1st (but remember Hypatia on this date). RET events on July 8th, 15th and 28th (a bowling party!!! - details below).

No Roundtable meeting on this day. RET typically takes off for the July 4th holiday.

Some RET members usually attend the July 4th celebration of freethinking at Lake Hypatia in Alabama (about a 4-hour drive from Knoxville). This year, it happens June 30th - July 2nd. Their web site is:


On July 2nd, at 12:00 noon, there will be a memorial event for Clark Adams, former MC at Lake Hypatia. More details may be found at:


SUNDAY - JULY 8TH, 4:00 p.m., Barnes and Noble Bookseller, Kingston Pike, a little west of the West Town shopping mall:
Skeptic Book Club: "Our Inner Ape," by Frans de Waal

SUNDAY - JULY 15TH, 4:00 p.m., Pellissippi State Technical Community College
Rationalism in Investment Theory by Carl Westman
One of the key assumptions of modern portfolio theory is that all investors act rationally. But what does it mean to be rational? Legendary investor Warren Buffett (an agnostic!) has long advocated that investors select securities whose market price is less than their intrinsic value. This seems quite rational. However, the vast majority of academic studies on market efficiency have found that securities are almost always fairly priced, incorporating new information so rapidly that even professional money managers cannot exploit pricing anomalies with any regularity.

Empirical evidence bears this out: year after year, most professional money managers fail to best the return of the broad market averages. As for the managers who will beat the market, the difficulty is identifying them in advance. As a result, conventional wisdom is to piggyback on market efficiency and put one’s stock investments in market index funds. From this perspective, it is rational to not play a game (active stock-picking) that you can’t win in the long run.

But is it rational to blindly invest in securities, or an index fund of securities, with absolutely no regard to price and risk? What happened to buy low, sell high? Without a rational view of the intrinsic value of a security, how can index investors avoid market bubbles, irrational exuberance, and other modern day forms of Tulipmania? How can an ordinary investor resolve these competing theories?

Carl will present the main arguments on both sides of the active vs. passive investing debate, and then propose a synthesis. [Carl is an actuary and financial analyst from Chattanooga.]


Time: Saturday, July 28th at 4:00 until 6:00.
Place: Strike & Spare Family Fun Center
Address: 211 Hayfield Rd, Knoxville, TN 37922
General location: Corner of Parkway Drive and Hayfield. It's east of 140 and west of Cedar Bluff. You can google for directions.

Games are $4.35 per person. Shoes are $3.50 per person.
There is a snack bar that serves soda and beer along with the basic snack food.

This is for everyone! Even if you don't bowl, its a great spot for us to hang out and have a good time. There are tables were you can be right next to those who decide to bowl and cheer everyone on.

RSVP by calling Dave Buck at 865-671-4222 or e-mail at buck.dave@gmail.com

Posted by pking
June 25, 2007