"Efficient markets" deliver normal returns. The people with the most capital to throw at things are trying to create monopolies that can generate supernormal re

"Efficient markets" deliver normal returns. The people with the most capital to throw at things are trying to create monopolies that can generate supernormal returns. This is already a highly unstable arrangement, and it's made more dangerous by introducing impurities like artificially suppressed interest rates and SPAC IPOs.