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In the end, I’ve come to an interesting resolution: Efficiency is not so universal that we should give up on superior performance. At the same time, efficiency is what lawyers call a “rebuttable presumption”—something that should be presumed to be true until someone proves otherwise. Therefore, we should assume that efficiency will impede our achievement unless we have good reason to believe it won’t in the present case.
The Most Important Thing: Uncommon Sense for the Thoughtful Investor (Columbia Business School Publishing)
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