The article explores how having different levels of information affects how assets are priced and how investors should choose their portfolios. The researchers found that using price information to structure portfolios can help investors avoid making bad decisions due to limited information. By following a price-contingent strategy, investors can outperform traditional buy-and-hold strategies. This shows that prices do reveal some information, but not everything, which is different from what was previously believed. Trading strategies based solely on past performance, like momentum investment, do not perform as well as price-contingent strategies.