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Lumifer comments on Blind Spot: Malthusian Crunch - Less Wrong
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Yep, that's what I said -- that you can easily get additional risk by not diversifying.
And the trading fees are outside of EMH -- there are certainly plenty of ways to reliably lose money in the real world, but not in the EMH world.
I said 'uncompensated' risk.
EMH doesn't say anything about uncompensated risks.
To get to risk premium you need something like CAPM or APT which are a different kettle of fish.