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Comment by yan | Hacker News Reader

I don't think anyone claims the markets are 'perfectly' efficient. Even the people that believe they are efficient and choose to participate argue that they are exploiting the inefficiencies.

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Furthermore the real question is, could the market possibly be made more efficient if some "expert" were there deciding when a trade was a bad idea?

Shouldn't they be experts on both sides of all (or at least most) trades already?

Probably.

  [citation needed]

"Experts" are overrated. The whole notion is fundamentally backward-looking.

You might as well consult a historian.

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