The idea that the market is efficient is a complete myth and even moreso when talking about preferred stocks and baby bonds. They're often mispriced, and because they're not very liquid, big buyers/sellers or preferred stock mutual funds can cause prices ofPreferred Stock Trader has 30 years experience investing in preferred stocks and bonds. He utilizes a proprietary screening software researching high yield preferred stocks and bonds that are undervalued relative to securities with similar profiles for hi ...

something obvious from history is that whenever something like this arises, people underestimate the long term effects drastically as it requires predicting several 2nd order effects.another mistake is using existing systems to make predictions about future ones.e.g imagine valuing the internet based on newspaper sales 30y agoyou can use this fact to argue in some sense that over a long enough time horizon, the coins that will actually be used, are structurally undervalued. as market efficiency improvements ...