The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.

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  Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.

  Asness says the market has become less informationally efficient over thirty years, particularly in the relative pricing of common stocks — which is the case that measurable cheapness should work better than ever. Marks says readily measurable indicators of cheapness are no longer enough on their own. Both survive if the mispricing has grown while moving out of reach of simple measures, and that is a substantial claim neither makes.

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• A high, stable dividend yield gives a stock's valuation a downside floor that growth stocks without dividends lack. SBSanjay Bakshi3 Mar 2026stock market
• A society's prosperity comes from its productivity, not from the financial system or stock market. MMMr. Money Mustache25 Sept 2026stock market
• AI stocks are behaving as if they are insensitive to interest rate changes. BDBrad DeLong8 Oct 2026stock market
• Almost all of the dot-com era's exuberance turned out to be warranted; we remember the failures and forget the value that era created. BTBret Taylor18 Aug 2025stock market
• Almost no mutual fund earns the fees it charges, so most investors are better off buying an index fund. BABill Ackman20 Feb 2024stock market

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