Investor Presentaiton

Remark Conceptually our notion is similar to dogmatic beliefs in stock market trading E.g. Harris and Raviv (1993), Pearson and Kendal (1995), Geanakoplos (2009) Traders have mutually inconsistent priors and also posteriors High profile example: Herbalife Ackman Pershing Square: "pyramid scheme" Icahn: "very undervalued" → Ex post only one can be right → Ex ante disagreement generates trade

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