Howard Marks’ must-read article “Getting Lucky” discusses a variety of thought provoking issues. One of the concepts that resonated with us was the concept of markets being structurally efficient, but periodically cyclically inefficient.
Marks goes on to state “Markets will be permanently efficient when investors are permanently objective and unemotional. In other words, never. Unless that unlikely day comes, skill and luck will both continue to play very important roles.”
Keep developing skill!