Hey Tom - Thanks for the comment!

I mostly agree with you but would probably disagree to the degree at which you believe in market inefficiency. I believe it's more informationally efficient most of the time but behavioral inefficiencies can be the primary driver over shorter time horizons. For instance, the meme stock and unprofitable tech mania in 2021.

To you're point about a legitimate risk-adjusted return measure, I believe geometric performance is the most relevant measure. It's the return you actually "eat" and accounts for volatility, skewness, and kurtosis when looking at historical performance.

Congrats with the success at your firm!