What counts is what you do with your money, not where it came from.

But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.

Arbitrage proof has since been widely used throughout finance and economics.

Most people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.

To beat the market you'll have to invest serious bucks to dig up information no one else has yet.

I favour passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.

Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm.