If I walk by a roulette wheel and I see someone put $10,000 on black, I deduce that the person who laid down that money is an idiot. I realize that one can mak

If I walk by a roulette wheel and I see someone put $10,000 on black, I deduce that the person who laid down that money is an idiot. I realize that one can make sophisticated arguments about "risk preference" and the idea that the market sets a price for everything and so on, but at a certain point you just have to say that the emperor has no clothes.