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  "map_content": "Markets are efficient in much the same way democracy is admirable: not because they reliably identify what is best, but because every available alternative has proved even more talented at being worse.\r\n\r\nThe mistake is to imagine that the market possesses judgement. It does not. The market says nothing, thinks nothing, and values nothing. It is merely the accumulated motion of people buying, selling, imitating, panicking, and congratulating themselves for having arrived together.\r\n\r\nWhen enough ordinary people approve of something at once, we call it demand. When they disapprove, we call it correction. When they change their minds in a week, we call it price discovery. This is less a philosophy than a vocabulary designed to make a stampede sound like an institution.\r\n\r\nThe market does not place value upon what is valuable. It records what people are presently willing to reward. Those are not the same thing, though mediocrity has always found it comforting to confuse popularity with merit.\r\n\r\nSo yes, the market is the best mechanism we have. That is not an endorsement of its wisdom. It is merely an indictment of the competition.",
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