The truth is that there are three ways to make money in finance, and only one of them is simple. The first is to possess better information than other market participants and use that information to buy low and sell high: this is nearly impossible to do on a regular basis. The second is to match necessary risks with investors for whom it makes sense to bear extra risk: this is very difficult. The third, and simplest, is to match necessary risks with investors who do not understand what those risks really are. This is especially easy when information in the financial markets is scant -- when securities are complex, when trading is proprietary and secret, and when balance sheets do not accurately represent firms’ performance.
Da resenha de J. Bradford DeLong, de Berkley, para o livro novo de Alan Blinder (After the Music Stopped). Está na última Foreign Affairs.