This Is What Happens When Markets Are Too Efficient (opens in new tab)

A couple weeks ago, the price of oil dipped below zero (negative $37.63, to be exact). This was unprecedented. Decreased demand due to COVID-19, the Russia-Saudi Arabia oil war, and near-full storage capacity—together, they briefly forced producers to pay others to take oil off their hands. At the same time, we started hearing reports of food producers dumping milk, plowing under lettuce, and smashing eggs—even as shoppers complained that their grocery stores couldn’t seem to keep milk and eg...