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binyutoday at 5:47 PM1 replyview on HN

The market just redistributes wealth from less informed players to more sophisticated/informed ones.


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kibwentoday at 6:12 PM

I wouldn't quite go that far. The fact that markets can remain irrational longer than participants can remain solvent means that participants with deeper pockets have an inherent advantage, even if they have less information. How quickly a random walk will take you to zero depends on how far above the baseline you start.

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