precisely. In fact, you see it in the markets, even among quantitative Phds, only a very small fraction beats the market. It's broadly efficient, on long enou

precisely. In fact, you see it in the markets, even among quantitative Phds, only a very small fraction beats the market. It's broadly efficient, on long enough time scales. It's inefficient on extremely short time scales, which is why HFT works so well.