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Viliam comments on Open thread, Aug. 10 - Aug. 16, 2015 - Less Wrong Discussion
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If the Efficient Market Hypothesis is true, shouldn't it be almost as hard to lose money on the market as it is to gain money? Let's say you had a strategy S that reliably loses money. Shouldn't you be able to define an inverse strategy S', that buys when S sells and sells when S buys, that reliably earns money? For the sake of argument rule out obvious errors like offering to buy a stock for $1 more than its current price.
I guess the difference is that if you offer to sell a ton of gold for $1, you will find a buyer, but if you offer to buy a ton of gold for $1, you will not find a seller.
The inverse strategy will not produce the inverse result.