That conclusion raises a key question: Will alpha eventually go to zero for every imaginable investment strategy? More fundamentally, is the day approaching when, thanks to so many smart people and smarter computers, financial markets really do become perfect, and we can just sit back, relax, and assume that all assets are priced correctly?
这一结论产生了一个关键问题：对于所有人类可以设想出的投资策略来说，高回报是否最终会归零？更根本的是，是否有一天，在所有这些聪明人和更聪明的电脑的作用下，金融市场会否最终达到了完美的平衡，而我们只需要坐在那里什么都不干，并假设所有资产都被合理的定价？