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Efficient Market Theory says all information is priced in instantly. Alex Edmans (Wharton) proved this is false for "Soft" metrics. In his landmark study *Does the Stock Market Fully Value Intangibles?*, Edmans found that while the market reacts instantly to hard news (earnings), it takes **4 to 5 years** to fully price in the value of high employee satisfaction. Portfolios of high-satisfaction firms generated annual alphas of 3.5% for decades, simply because investors were slow to recognize the asset. The "Culture Trade" works because it is an arbitrage on the market's blind spot.
https://www.sciencedirect.com/science/article/pii/S0304405X11000869We are essentially "Time Arbitrageurs." The market is short-term obsessed; culture is a long-term asset. Because Wall Street algorithms struggle to quantify human capital, they discount it. We buy that discount. We are not betting on culture; we are betting on the market's structural inability to value it until it shows up as cash flow years later.
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