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Howard Marks & Andrew Marks: Something of Value
Acquired
The Efficient Market Hypothesis
Back in the times when Buffett was starting, information about companies and actually even finding out about companies was extremely hard. And because there were so much friction to getting information and transacting, it was much more possible for value to be hidden in plain sight. Inefficiencies, which I prefer to say mistakes, things the market's misprices, where do they come from? They come from ignorance and prejudice. So you have to have an advantage. A knowledge advantage, a skill advantage if you're going to be one of the people who ends up on the positive side of that equation.
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