Why 'efficient markets' collapse - Mandelbrot

Pt 1: Benoit Mandelbrot, the mathematician described as the 'Father of Fractals', died on 14th October. Last year he gave this fascinating in-depth interview to John Authers, Lex editor. He discussed his now 40-year old groundbreaking critique of the "efficient markets" hypothesis and why new theories on price movement discontinuities are needed after the credit crunch. Benoit Mandelbrot was an emeritus professor of mathematics at Yale University.