Re: Small earning is better never try to make double your account
At the same time, there are subtle issues. The meaning ofmark et efficiency is that prices reflect fundamental values,
not “you won't find $20 bills lying along crowded sidewalks.” This is important. As I stressed in chapter 4, the “smart
money” traders typically stop short ofexp loiting all ofthe mispricing they identify. Why? They conclude that it's not
worth the risk. There are limits to arbitrage.2 For example, investors who are convinced that value investing almost
always outperforms a growth-based strategy, may experience a rude shock.
At the same time, there are subtle issues. The meaning ofmark et efficiency is that prices reflect fundamental values,
not “you won't find $20 bills lying along crowded sidewalks.” This is important. As I stressed in chapter 4, the “smart
money” traders typically stop short ofexp loiting all ofthe mispricing they identify. Why? They conclude that it's not
worth the risk. There are limits to arbitrage.2 For example, investors who are convinced that value investing almost
always outperforms a growth-based strategy, may experience a rude shock.
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