Beating the market consistently is hard to impossible because the market is unpredictable. But the collective mood swings (animal spirits?) behind its ups and downs are anything but rational.
And yes, there may be arbitrage opportunities in poverty alleviation. Microfinance was an “above market” investment until the market assimilated that loan payment rates were better than the previous consensus estimates.
Beating the market consistently is hard to impossible because the market is unpredictable. But the collective mood swings (animal spirits?) behind its ups and downs are anything but rational.
And yes, there may be arbitrage opportunities in poverty alleviation. Microfinance was an “above market” investment until the market assimilated that loan payment rates were better than the previous consensus estimates.