I think a classic example of an efficient market is one where goods are mostly fungible, e.g. the market for grain, or screws of a particular specification, or copper.
I imagine that inside those markets it feels a lot less like there’s any good deals to sniff out. There’s definitely bad ones like fraudsters or subpar quality, or someone selling holy screws for 10 times the price, or someone just praying on newcomers to the market who aren’t yet calibrated to the standard price, but these are fairly easy to filter out with a bit of due diligence.
I think a classic example of an efficient market is one where goods are mostly fungible, e.g. the market for grain, or screws of a particular specification, or copper.
I imagine that inside those markets it feels a lot less like there’s any good deals to sniff out. There’s definitely bad ones like fraudsters or subpar quality, or someone selling holy screws for 10 times the price, or someone just praying on newcomers to the market who aren’t yet calibrated to the standard price, but these are fairly easy to filter out with a bit of due diligence.