The professors spoke of opportunities as inefficiencies; in a perfectly efficient market, in which all prices were correct, no one would have anything to trade. Since the markets they traded in were still evolving, though, prices were often incorrect and there were opportunities aplenty. Moreover, the professors brought to the job an abiding credo, learned from academia, that over time, all markets tend to get more efficient. In particular, they believed, spreads between riskier and less risky bonds would tend to narrow. This followed logically because spreads reflect, in part, the uncertainty
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