Quote of the Week

Markets will be permanently efficient when investors are permanently objective and unemotional.  In other words, never.—-Howard Marks, Oaktree Capital

This quotation is taken from a much longer think-piece about the role of luck in investing that I first saw on Advisor Perspectives.  Mr. Marks points out that while markets are often structurally fairly efficient, they are often quite inefficient on a cyclical basis when investors freak out.  Highly recommended reading.

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