Sometimes, I feel that markets is efficient in the long run to price in crowded trades. There were a lot of arguments about whether markets are really efficient. There will still be a lot. But I think people misunderstand what Eugene Fama means when he says the market is efficient. I think he is not saying that the market at this point, is pricing exactly and correctly what is going to happen in the future but that it is a better mechanism in pricing in what is going to happen in a more efficient manner than a lot of other things. We are not sure what will happen in the future, especially when different variables interact with different variables in the future. The market is better in forward pricing the resultant outcome better than a lot of methods financial experts have came up with. I am not arguing about the...