Though I’d stand behind the idea that markets are least efficient when it comes to big booms and busts involving large asset classes (in contrast to relative pricing within a liquid asset class), which makes me less inclined to simply accept market prices in these cases.
Agree it’s most likely already in the price.
Though I’d stand behind the idea that markets are least efficient when it comes to big booms and busts involving large asset classes (in contrast to relative pricing within a liquid asset class), which makes me less inclined to simply accept market prices in these cases.