[heavenlyblue]

What I am saying is that the definition of an inefficiency in the market is the information that only a closed subset of the market has access to.

Let's take an example: China. While they keep the image of a purely capitalist environment, every company above a certain size is expected to have some sort of government control. That would be the inefficiency of that market, because at that point people stop making decisions based on what the company wants but rather what government wants. You can't have open access to the strategic planning by the government.

Besides, you're clearly trying to argue definitions rather than trying to take a step back and realising that I am arguing abstracts rather than specifics in the first place. In other words - what you're saying isn't denying what I said; it's just embodying the concepts in the real world.

For example: _any_ true real-life index fund would always need to trade at a certain point, and that has to be done by someone. So yes - an index fund is just a "glorified" version of a private fund; because people are still managing it at a certain point. But the reason it still makes money is because markets are efficient.