Seth Klarman the the topic of market efficiency:
The reason that capital markets are, have always been and will always be inefficient is not because of a shortage of timely information, the lack of analytical tools, or inadequate capital. The Internet will not make the market efficient, even though it makes far more information available, faster than ever before, right at everyone’s fingertips. Markets are inefficient because of human nature — innate, deep-rooted, permanent. People don’t consciously choose to invest with emotion — they simply can’t help it. (Source: Excess Returns, Vanhaverbeke)
