What Nat Friedman thinks about market efficiency

@nat-friedman · 9 positions · On ppll ↗

Investor and engineer; CEO of GitHub from 2018 to 2021, co-founder of Ximian and Xamarin, and funder of the Vesuvius Challenge to read the Herculaneum Papyri.

Nat Friedman did not write this page.

We collected these quotes from things they published elsewhere, and every quote links to where it was said. They have no account here and have not endorsed this site. Quotes are word for word; the short line under each one is our own restatement, not their wording. Their own site. Is this you? Claim it or ask us to remove it. Or tell us what is wrong here.

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Only Nat Friedman on market efficiency. See everyone on market efficiency

1 dated position, 2026, in their own words. Our reading of what Nat Friedman has said — not written or endorsed by them.

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4 Sept 2026

Our readingThe efficient market hypothesis is at best a very lossy heuristic

Their wordsThe efficient market hypothesis is a lie At best it is a very lossy heuristic The best things in life occur where EMH is wrong

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