... Efficient Market Theory. This hypothesis holds that no stock bargains exist, or at least ones mere mortals can pick out consistently. Asked ... 1972), Schloss amazed the author by touting "cigar butt" stocks like Jeddo Highland Coal ... &P now is off 15% from its peak, yet Schloss says he still doesn't see many bargains. He's 30% in cash. A recession, if it comes, may not change much ...