New LastMinute.com MD not blonde/female enough, shares drop

Its market behaviour likes this that makes me view 'strong form efficient' descriptions of the stock market as bollocks. Martha Lane Fox, a 30 year old entrepreneur has quit as MD of LastMinute.com and been replaced by her COO.

Given that she's staying on the board LastMinute.com can still rely on her to pop up on TV or in the newspapers doing her 'young, blonde, oxbridge' thing, or to smile sweetly at the banks. Was 10% of LastMinute's value really down to her? Is the new guy (who's been COO for years) really that bad?

Besides which its at about this stage in a companies life that you're supposed to ditch the entrepreneur and bring in the kind of hardened big company businessman who looks good in a suit. Market efficiency - don't believe it.