Indexing is Average
> It’s been well established that picking stocks is very, very difficult.¹ In fact, it’s so difficult that
It’s a classic case of GIGO that has become a self-reinforcing faux truthism. The reality is professionals DO pick stocks that outperform which is why they’re paid large salaries on Wall Street (what, you think they would pay that such for 92% incompetence?). But where does all that outperformance actually go? It’s completely whittled away by institutional frictions of their employers. That’s the real tragedy here.
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