This is a weirdly common misreading of Mandelbrot. His main contribution was noting three properties of markets that are not well captured by Brownian motion models — 1. fat tails 2. heteroskedasticity 3. long-range correlations (eg power law decay in acf of absolute returns)https://twitter.com/desgrippes/status/1368389916812533768 …
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So the question is “are markets efficient?” and the answer is “obviously not” as the existence of firms like Renaissance, Millennium or DE Shaw can testify to (you can think of them as a thirty year experiment in testing the efficient markets hypothesis)
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But markets are pretty close to efficient (maybe 99% of the way there) and inefficiencies disappear over time, so the average retail trader should treat markets as though they are efficient, and just buy stocks/bonds (in fact so should the 98th percentile retail trader!)
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