The Nobel laureate contends that investors need to study human nature and history, and avoid falling victim to groupthink. The idea that markets are efficient has had a long history a half-truth. I think markets are efficient in the sense that its not easy to make money for the average person. However, it seems like those who support the efficient Market Hypothesis dont think there are differences in peoples intelligence and diligence. So the advice is, Dont try to beat the market because the market already knows anything you could possibly know. What about people who work harder and do investigative work to pick investments, and suppose theyre smarter than the average person? Why shouldnt they be able to outsmart the market? It just seems obvious that they can.