Barry Purcell

Exceptions to rules don’t invalidate rules. You can have a yellow-banded insect flying in your yard that’s a rare fly mimicking a wasp. That doesn’t imply that “yellow-banded” is information without value. It’s imperfect information, but valuable to know, and has strong predictive power.

Incidentally, your arguments are frequently used to overrule markets and their “irrational” participants. But the people doing the overruling are just as irrational, can have questionable motives, and have nothing at risk when deciding how to “fix” other people’s irrationality. If people are irrational with their own money, think about how irrational they’ll be when spending your money.

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