Seems like t is a very critical variable then. For example, you could imagine a particular market is "perfectly" efficient at the moment (however you want to define the boundaries of a particular market), and there is no opportunity. But then a completely unrelated company or university makes a fundemental advancement in materials science that fundamentally changes the landscape. An exogenous shock in other words.
In a certain sense I guess this is why every anti-trust suit fundamentally comes down to defining the market bubble more than anything else.
In a certain sense I guess this is why every anti-trust suit fundamentally comes down to defining the market bubble more than anything else.