…once the cards are

…once the cards are dealt we turn them up in turn, and make two piles each, one red, one black; the winner has the biggest pile of red ones. So once the cards are dealt the game is determined, and from any position in it you can derive all others back to the deal and … Read more

Markets are efficient, but

Markets are efficient, but there are different dimensions of risk and those lead to different dimensions of expected returns. That’s what people should be concerned with in their investment decisions and not with whether they can pick stocks, pick winners and losers among the various managers delivering basically the same product. Eugene Fama