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Even Fischer Black thought some people could do better than the market. To know this, you just have to read his massive stack of equilibrium papers more closely than most people do.

Those are the sharks who make the rest of the market "efficient." Unlike some of his deluded academic colleagues, he never suffered from the delusion that he was one of the sharks, and as a result he kept almost all his money is the safest of bonds.

Be the shark.
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