“Asset prices fully reflect all available information…Investors, including the likes of Warren Buffett, and researchers have disputed the efficient-market hypothesis both empirically and theoretically.” (related: alpha) - Gabriel Weinberg "The efficient-market hypothesis (EMH) is a theory in financial economics that states that asset prices fully reflect all available information. A direct implication is that it is impossible to "beat the market" consistently on a risk-adjusted basis since market prices should only react to new information or changes in discount rates (the latter may be predictable or unpredictable)." - Wikipedia (James Clear)
Gabriel Weinberg's Mental Models I Find Repeatedly Useful https://medium.com/@yegg/mental-models-i-find-repeatedly-useful-936f1cc405d --- James Clear Mental Models Overview https://jamesclear.com/mental-models