Michael Mauboussin - Man + Machine, Moats, and Power of the Outside View - [Invest Like the Best, EP.37]
Invest Like the Best with Patrick O'Shaughnessy
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The Impossibility of Informationally Efficient Markets
Sowat: I wanted to write a piece that said, the equilibrium is 72 point four per centili some sort of magic number. But i was very motivated by this paper on the impossibility of informationally efficient markets. So what we can do is le'lok, getat gross returns, sos thi pre fe minus bench mark return. Sowat: How much money is available to make or lose? We're going back to righmen stiglets in this sort of natural balancing phase where fees are going down.
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