Wall Street Legend Jim O'Shaughnessy - A Calm Voice in Turbulent Times (EP.222)
Panic with Friends - Howard Lindzon
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The Wisdom of Crowds Works
There were great arbitrage trades back in the day, man. Like Rothschild made the greatest arbitrage trades of all time because he had spies at the Battle of Trafalgar. And so what does everyone else do? They all think, oh my God, Rothschild knows what happened. No one knew that his agents were buying all of those gilts because he already knew that the Brits won. Why carry your pigeon? So those kind of trades are gone. You can't, I mean, Ben Graham's cigar butts, they're gone. We've all of them out of existence. That's why the wisdom of crowds works. You've got to have people who've got some
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