That is exactly the way an efficient market should work. As an edge becomes known and duplicated the return on the edge will be whittled down to whatever is a normal return.
Maine’s public pension fund earned double-digit returns in six of the past nine years. Yet the Maine Public Employees Retirement System is still $2.9 billion short of what it needs to afford all future benefits to all retirees. “If the market is doing better, where’s the money?” said one of...
I just pulled out my copy for a reread of Michael Pettis "The Volatility Machine" Emerging Economies and the Threat of Economic Collapse, Oxford University Press 2001