Think Markets Are Efficient? Think Again.

I was just reading about inflation targeting in the conduct of monetary policy, and I came across statement:

"My view of markets is that virtually all participants have access to the same information - however, they hold different views on the structural framework within which economies and markets move and thus interpret the same data quite differently. This is the only way that some investors will buy while otheres are selling and that prices can change dramatically in the absence of new data. It also explains the puzzle where analysts switch direction like reef fish."

A very insightful and well articulated paragraph on why even though in the absence of asymmetrical information markets can exhibit inefficiencies, and why astute investor who possesses a superior structural framework with which to analyse markets and economies can derive superior profit!