Even if you were to optimally price in all available information you still have uncertainty of what will actually happen. i.e. A 1 dollar coin flip has an expec

Even if you were to optimally price in all available information you still have uncertainty of what will actually happen. i.e. A 1 dollar coin flip has an expected value of 50c before it’s thrown and it will collapse either to zero or to one after the uncertainty is resolved.