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I think buyers and sellers both having perfect information is a prerequisite and a much larger barrier than rationality.

https://en.wikipedia.org/wiki/The_Market_for_Lemons



Precisely. Information asymmetry is what allows the exchanges to be profitable. It is a continuous wealth transfer along the information gradient, with the most knowledgeable investors capturing most of the wealth from the least knowledgeable.

As long as this asymmetry exists, the vast majority of trades will constitute a zero sum wealth transfer.




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