I’m not sure that’s the case in all circumstances. There’s at least a few financial anomalies that could be taken advantage of, but human biases constrain their

I’m not sure that’s the case in all circumstances. There’s at least a few financial anomalies that could be taken advantage of, but human biases constrain their actual use. One example is the low volatility anomaly, where low risk assets outperform the market, when time and again, fund managers struggle to do so without leverage. But fund managers generally won’t employ such a strategy because their investors don’t want to see themselves in low-risk assets when high-risk ones are going gangbusters because of FOMO.