This again? I thought we came to conclusions when we first asked Are Markets Efficient? and when we did it again with Efficient Markets Revisited (
black sorcery logarithms and all). I was chatting with my wife the other day and we were on the topic of stereotypes and generalizations. I stated, matter of factly, “stereotypes and generalizations are true on a macro level, but not true on a micro level.” Someone ended up here by searching “are markets efficient and just?” That got me looking at those past posts. That got me thinking about efficient markets again. And that led me to create this wholly original analogy on efficient markets:
“Markets are efficient on a Macro level, but are not efficient on a Micro level.”
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