Domain Expertise Ends at Efficiency

Doctors go to medical school. Then they do a residency. At a minimum, they spend an additional seven years studying before they can practice. Despite that dedication and the expertise attained, a doctor is no better at picking pharmaceutical stocks than you. Experts in their relative fields are sought out for knowledge and past successes. But according to Tom, an efficient market doesn’t care if you’re an expert, outcomes are going to remain random. Tune in as Dylan picks Tom’s brain on expertise relative to outcomes.