Core Viewpoint - The market efficiency myth is particularly pronounced in the context of preferred stocks and baby bonds, which are often mispriced due to low liquidity and the influence of large buyers or sellers [1] Group 1: Investment Strategy - Preferred Stock Trader has 30 years of experience in investing in preferred stocks and bonds, utilizing proprietary screening software to identify undervalued high-yield securities [1] - The Conservative Income Portfolio offers investment ideas focused on undervalued preferred stocks, baby bonds, and traditional bonds with potential for high yield and capital gains [1] - Features of the Conservative Income Portfolio include a covered call opportunity portfolio, a long-term portfolio of stocks and bonds, exclusive articles for members, previews of public articles, macro analysis, and community chat [1]

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 ...