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159 - We’re All Gonna Die with Eliezer Yudkowsky
Bankless
Efficient Market Hypothesis Relative to You
The efficient market hypothesis isn't always true, but it's usually true relative to most people. Even those who think they know better can only beat the market on very rare occasions. The market's efficiency is relative to you, and for most prices, you can't do better than the market estimate. It's harder to apply the concept of efficiency to actions than to prices.
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