Marks explains excess returns require buying from sellers making mistakes, which nobody volunteers for.
“It requires cooperation for someone who's willing to sell something for less than it's worth. And who volunteers for that job? We want to buy from sellers who are making mistakes.”
Marks notes bargain hunting requires finding sellers willing to sell below fair value.
“There's only one catch. It requires cooperation for someone who's willing to sell something for less than it's worth. And who volunteers for that job?”