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Efficient Market Joke

I’ve just started reading “Traders – Risks, Decisions, and Management in Financial Markets“.  I’m not too far into it, but came across this joke about efficient market theory and though it summed things up quite well.

Two efficient market theorists pass a $50 bill lying on the street.  They leave it untouched and congratulate each other on realizing that if it presented an opportunity for profit, someone would have already picked it up.

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