Jim Grant interviewing Mike Steinhardt, Real Vision

“Markets….They are human institutions. And the idea of efficiency is one that has attracted intellectual thought from all sorts of investors, some of whom claim to do better in efficient markets, some, relatively few, who claim to look toward volatility, and, if you will, inefficiency as the route to opportunity.

I would be one of the latter. But I at the same time – and this is an important point. And I’m going to use my Brooklyn accent, if you will. I don’t know from efficiency. I don’t know that sort of stuff. I don’t know alphas, and betas, and all the efforts that the modern investor has made to create a new understanding of markets.”

The above is an excerpt from the must watch video by Jim Grant interviewing the hedge fund legend Mike Steinhardt. Full link to the must see Real Vision video here.