I’m probably missing something—but when you say the vast majority of active investors do really badly, shouldn’t that be impossible too? If markets are truly efficient, isn’t it just as hard to underperform them as outperform?
I’m probably missing something—but when you say the vast majority of active investors do really badly, shouldn’t that be impossible too? If markets are truly efficient, isn’t it just as hard to underperform them as outperform?