Who Is On the Other Side? A Framework for Understanding Market (In)Efficiency

2026

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1. This report provides a framework for understanding market inefficiencies, offering active investors tools to identify and capture excess returns.
2. * Explores the three core considerations determining market efficiency: fundamental value, investor cognition and behavior, and arbitrage costs.
* Categorizes inefficiencies into behavioral, analytical, informational, and technical (BAIT) sources.
* Examines how various market participants interact and how these dynamics create opportunities.
3. Market efficiency, behavioral finance, investment strategy, arbitrage, information asymmetry

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