the problem of time lag on open markets

I am by no mean skilld in the science of economics, so perhaps are these thoughts very naiv or already well understood. But anyway, here goes. I suspect there is a huge problem for a market if there is a substantial lag between an investment and a possibility for a rational actor to gauge the outcome of that investment. It would seem to me you will get to some kind of predetor-prey kind of dynamics that has clear instabilities.