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Howard Marks & Andrew Marks: Something of Value
Acquired
The Efficient Market Hypothesis
The evolution of markets due to the availability of information has made it challenging to profit from basic surface-level insights in today's highly competitive environment, saturated with smart investors, algorithms, and machine learning. The efficient market hypothesis suggests that over time, assets are priced correctly as ignorance and prejudice lead to market mistakes, albeit diminishing with increased knowledge and information accessibility. Profitable insights now require a significant knowledge or skill advantage to succeed in the competitive, zero-sum game of investing.
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