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Efficient markets enforce efficiency. The trouble is that purely efficient markets are very much a spherical cow—they're useful for modeling reality in some sim
by demosthanos 2y ago
Efficient markets enforce efficiency. The trouble is that purely efficient markets are very much a spherical cow—they're useful for modeling reality in some simple simulations, but they miss an awful lot of detail and that can lead to very bad conclusions if you take them too seriously.
- ericjmorey 2y agoThis goes along with the common advice that all models are wrong, but some are useful.