The biggest question most investors never ask (pt.2)

Hello! This is part two of the two part series exploring why markets are inefficient and how to exploit those inefficiencies.

In part one (read it here) we studied Michael Mauboussin’s early 2026 research paper studying market inefficiency, where we learnt about the following and how to use them to our advantage:

• Why is this important?

• Etorre’s Wisdom

• The Types of Inefficiency

• Behavioural Inefficiency

• Analytical Inefficiency

Today we continue the discussion on Mauboussin’s paper, adding some additional insight from a few other smart investors; here are today’s chapters:

• Informational Inefficiency

• Technical Inefficiency

• Dare To Be Great

We’ll understand how to look at informational inefficiencies in the age of information, how Howard Marks thinks about outperformance and finds inefficiencies for Oaktree, and how we can use all of the information to become better investors.

Let’s dive into it.