This paper categorizes investors into five groups. They are: efficient markets, risk premium, genius superior traders, rejectors of efficient market theory and those who use research to make superior risk adjusted returns. Successful investment involves estimation and optimization and these are discussed.

中文翻译：

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试图击败股市的五个投资者阵营

本文将投资者分为五类。他们是：有效市场，风险溢价，天才的高级交易员，有效市场理论的拒绝者以及利用研究获得较高风险调整收益的人。成功的投资涉及估算和优化，并进行了讨论。