The market is always meant to be right and it’s meant to be efficient and therefore always impossible to outperform. You will highly likely go broke fighting that and believing it’s not efficient and about 50/50 right or wrong. The market does an amazing job pricing. Now you can disagree with a price but that’s likely simply a factor of not understanding how the market prices that asset.

Betting against the market is fruitless, but what is not so fruitless is betting on changes in the future.

For example, the price of stocks is obviously wrong in the U.S. They are incredibly overvalued. Every trillion-dollar stock is worth $120-plus for every person on the planet, which must be wrong but the market doesn’t agree one jot and you can short those companies into your own personal bankruptcy as much as you like.

What you have to predict is where the market doesn’t have a view or…

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