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If it's so inefficient, it should be pretty trivial to make superior risk-adjusted returns, no? The reality is that most markets are brutally efficient, as any trader would attest to. The notable exception (at least in my view) is VC.

Also, I wouldn't consider the financial industry bloated, at least not any more than other industries.

How would you like the industry to be structured?

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> If it's so inefficient, it should be pretty trivial to make superior risk-adjusted returns, no?

With equal access to market opportunities, maybe.

There’s nothing efficient about the equities market right now.

The brilliant thing about financial markets is that anyone can put their money where their mouth is. If you believe you've spotted some inefficiency, then put up some cash and enjoy your spoils.

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