Know Your Counterparty – The Market is Efficient 85% to 90% of the Time

Every time you buy a stock someone is selling it to you, and vice versa. You may be surprised to learn that your counterparty is probably not unemployed, uneducated, or living in their parents’ basement. Most investors are professionals with a college degree and high disposable income. Many have graduate degrees. Said differently, your counterparty is likely wearing a suit, not high tops.