Second- level thinkers know that, to achieve superior results, they have to have an edge in either information or analysis, or both. They are on the alert for instances of misperception. second- level thinkers depend on inefficiency.
Where might errors come from? Let’s consider the assumptions that underlie the theory of efficient markets:
• many investors hard at work.
• They are intelligent, diligent, objective, motivated and well equipped.
• They all have access to the available information, and their access is roughly equal.
• They’re all open to buying, selling or shorting every asset
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