[chewz]

I understand your reasoning but can you show any actual research supporting that binary vision of the markets?

At which point an investor's strategy is below rounding error of optimization algoritms of more sophisticated investors? Or their costs of carry?

[short_sells_poo]

To better qualify parent's post: it's not that informed investors will target a small player specifically. They most likely won't as your instinct tells you, because there is no money in it. However, the sorts of strategies and algorithms that one could feasibly implement without having been in the industry for many-many years are very unlikely to beat the buy-and-hold strategy. The "simple" stuff has been by-and-large arbitraged away.

[chewz]

> The "simple" stuff has been by-and-large arbitraged away.

Purely theoretical conclusion then is that markets had been perfectly priced ahead over all time horizones.