re: Economics Book Club (EBC): Book 4 Starts Aug 21 (The Smartest Guys in the Room)

It's true with any perceived "edge" in finance that becomes mainstream, particularly with regard to highly liquid markets like large-cap, US stocks. Eventually these things simply get arbitraged away. It's a key critique of technical analysis as pertains to stock performance, although I still see some value in it primarily from a forced discipline standpoint, and due to the fact technical analysis is nothing more than a visual representation of the underlying fundamental performance.

I could see the same applying in the corporate/managerial context, with a key point of differentiation of course being that corporate managers still have to execute a strategy and can't just blindly follow the strategies of others and expect success.