Found in notebook written back in 2011:
Prices follow fundamentals. Yes, true. But prices will often lag significantly since information is not efficient. Perception is never 100% correct. ideas of dynamic mean reversion. Fundamentals are not some static variable that once analyzed stays (as is).
Policy or ones philosophy must incorporate this dynamic fact.
Inefficiency allows and gives rise to multiple solutions to similar problems
trends, value, "edge" are all ephemeral because of this.
Right and wrong do not exist; what is, exists