Has anyone read Adaptive Markets? If so would you recommend it? I'm concerned about this line from the article:

> Lo’s next step is to develop mathematical models to test the ability of his hypothesis to explain market behavior.

Is there any experimental data to back up his theoretical framework? It's a very tempting idea to buy into (people in general work things out, on an individual level they make a lot of mistakes). I worry about his arguments following logically but falling apart once his theories have been tested.