The Efficient Market Hypothesis Is Bullshit

I was tempted to just post a picture of the Bitcoin price chart and drop the mic.

Then I realized, some would use that as an argument against Bitcoin and for Efficient Market Hypothesis.

“The thing you love went up a bunch, doesn’t that mean the market “priced in” what you love about Bitcoin efficiently?”

Strap in.

“The Market Prices Things” and Other Myths

This all comes down to the core of investing itself. The engine that drives the returns we see in the market, and from everything in general. I’m talking about the big, eternal cage match between Value and Momentum.

First, you need to understand something about failure to drive this conversation home. My failure, specifically. Because that’s where all the good stories start, and it’s the only place you learn anything worthwhile.

My ghost of Wall Street past doesn’t just haunt me, it pays my bills.

It’s the silent partner in every line of code I write, every pitch deck I dissect. It’s the scar tissue that reminds me what happens when smar…