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It's still true. It's a useless asset. That the market can stay irrational longer than people can stay solvent is also true.

• noch 2y ago
  > That the market can stay irrational longer than people can stay solvent is also true. It's a myth that markets are irrational. It's a joke repeated amongst traders but fundamentally, we all know that markets simply aggregate all available information and reflect it in a price. A free market as a whole has rationality as its equilibrium: it's always telling you something true about the world. To call the market irrational is a more humble claim than intended by those who quote it to aver that only they are rational, that is, it says: "I can't figure out what the market knows that I don't." It means, "Those who couldn't hear the music assumed that those who were dancing were insane."