a source familiar with the matter on Nostr: Markets are efficient in the sense that markets clear (or nearly clear) - everyone ...
Markets are efficient in the sense that markets clear (or nearly clear) - everyone who is willing to sell at or below the market price and everyone who is willing to buy at or above the market price will do so.
Markets are not efficient in the sense that everyone who "should" buy or sell will actually do so. The stocks (or other marketable products) which are the best value don't necessarily get advertised to the purchasers who are best suited for them.
Consequently, no special conspiracy or market failure is needed to explain why stock-pickers (or goldbugs, or bond investors, etc) might make money (if they have good principles and the fortitude to follow them).
Markets are not efficient in the sense that everyone who "should" buy or sell will actually do so. The stocks (or other marketable products) which are the best value don't necessarily get advertised to the purchasers who are best suited for them.
Consequently, no special conspiracy or market failure is needed to explain why stock-pickers (or goldbugs, or bond investors, etc) might make money (if they have good principles and the fortitude to follow them).