Markets may stay irrational longer that you can whatever.
To me markets look like evolution processes: there's definitely a vector towards better efficiency, better "fitness", but the trajectory is more like a random walk than a targeted shot.
With that, markets fail, but all highly-planned regimes have historically failed even worse.
What I take from this is that one should not emotionally invest in a business, and not make a serious business out of things that one has emotionally invested in. Be curious, try things and see if they work. Many of the best-looking of them won't; some of the sillies of them will.
To me markets look like evolution processes: there's definitely a vector towards better efficiency, better "fitness", but the trajectory is more like a random walk than a targeted shot.
With that, markets fail, but all highly-planned regimes have historically failed even worse.
What I take from this is that one should not emotionally invest in a business, and not make a serious business out of things that one has emotionally invested in. Be curious, try things and see if they work. Many of the best-looking of them won't; some of the sillies of them will.