Market efficiency is a myth. Markets are made of people, who are irrational both individually and in aggregate. Maybe if human irrationality…

Market efficiency is a myth. Markets are made of people, who are irrational both individually and in aggregate. Maybe if human irrationality were completely random, it might average out to a rational whole. But in practice individual irrationality is driven by globally shared irrational narratives -- almost everybody is an irrational conformist.

Source: Francois Chollet (X) | 2026-06-23