But that’s obviously not true, at least not all of the time. In 2008 there was plenty of information indicating that the market was not healthy, and a number of

But that’s obviously not true, at least not all of the time. In 2008 there was plenty of information indicating that the market was not healthy, and a number of market actors spotted this early on and won big betting against what the market was doing. They neither had insider information nor was it luck; the market in 2008 was catastrophically wrong about what the price of mortgage backed CDOs should be.