Illiquid Stocks for Outsized Returns?

Value based opportunities listed on the
often very illiquid OTC can as a group produce outsized future gains. Some
investors (mostly academia) view it as getting paid a fee to wait and endure
the emotional turmoil of holding an illiquid, information scarce stock with a no
guarantee of above average capital return. 
They believe the ultimate on average outsized market beating returns
with certain identifiable groups of stocks (illiquid, value, low p/b, and
others) as not market anomalies but instead a fair exchange. The seller must
sell the stock at a discount to compensate the buyer for risk, time and
uncertainty of holding these stocks. The seller receives immediate cash although
discounted from the long term expected value without bearing the risk of
uncertainty and liquidity concerns to the buyer with more flexibility, time and
possible understanding or risk tolerance. The level of market efficiency and the reason
for pockets of identifiable inefficiency has been debated for years by market
practitioners and academics. Efficiency will never be quantified as there are
too many variables.