“Markets are inefficient because of human nature—innate, deep-rooted, permanent. People don’t consciously choose to invest with emotion—they simply can’t help it…. In short, we believe market efficiency is a fine academic theory that is unlikely ever to bear meaningful resemblance to the real world of investing.” —Seth Klarman
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Links - 02/13/2024
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“Markets are inefficient because of human nature—innate, deep-rooted, permanent. People don’t consciously choose to invest with emotion—they simply can’t help it…. In short, we believe market efficiency is a fine academic theory that is unlikely ever to bear meaningful resemblance to the real world of investing.” —Seth Klarman