Quote:
In a recent piece in this journal, Charles Ellis exhorted investment professionals to stop focusing incessantly on the “losers’ game” of beating the market...
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Any investment professional who can't beat the results of the average market participant is of dubious value. At best they would be capturing the difference between the mean and mode result, and while worthwhile that probably doesn't justify their salary.

While social security rent seeking is all well and good (and is indeed profitable), a few "professionals" need to buckle down and try harder.