#《投资最重要的事》

2. Understand market effectiveness and limitations.

Sometimes markets are efficient and sometimes they are not.

Here is a story: A finance professor who believed in efficient markets was walking with his students. "Is there a 10-dollar bill on the ground?" the student asked, "No, that can't be a 10-dollar bill. If it was, it must have been picked up by someone before. Yes." The professor replied. The professor left, and the student picked up the banknotes and went to have a beer.

The stock market is effective most of the time, and ineffective situations rarely occur. There are hundreds of millions of people in the A-share market alone trying to make money, and the news is the same when they are eating and drinking. However, the currency circle is an ineffective market, and assets are often traded. Mispricing, smart investors can have better investment performance.

So, if you pay more attention, there are still many opportunities.