- Asset prices reflect the consensus view of the significance of information, but this view may not be correct
- To outperform the market, it’s necessary to hold a non-consensus view
- The efficient market hypothesis suggests that it’s not possible to beat the market
- Riskier investments don’t always produce higher returns
- To achieve superior results, investors need an edge in either information or analysis, or both, and should be on the lookout for instances of misperception
