"Why do you think the same five guys make it to the final table of World Series of Poker EVERY YEAR? What, are they the luckiest guys in Las Vegas?"
- Matt Damon as Mike McDermott, Rounders
If markets were truly efficient, all of the time, there would be no Warren Buffett, Seth Klarman, Joel Greenblatt, Martin Whitman, or a host of other legendary investors. And there would be no David Einhorn.
Just as we are accustomed to seeing poker's top players consistently making it to final tables, these investors have defied the efficient markets hypothesis for many years (even decades) by putting up phenomenal risk-adjusted returns. It is no coincidence that such investors adhere to various forms of a ...
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