Inefficient markets is a characteristic of alternatives where experts in the alternative asset class are able to harvest inefficiencies consistently and economically over the longest time frames. I have found that with prudent research I can identify many real estate managers who have earned multiples of what a risk-managed benchmark produces over decades of time.  Another way to find inefficient markets is when we can identify a big discrepancy between 1st and 3rd quartiles of performance by managers. 

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