"Efficient market theory is correct in that there are no gross inefficiencies, but we look at anomalies that may be small in size and brief in time.”
"LTCM’s basic error was believing its models were truth,” Patterson says. “We never believed our models reflected reality — just some aspects of reality.” awealthofcommonsense.com/2019/11/non-in…
Ben Carlson writes: "One of their researchers joked it was mostly overconfident dentists who frequently traded that they took advantage of."
“It's a lot of dentists,” Laufer said.