saluki9
Thinks s/he gets paid by the post
- Joined
- Feb 23, 2005
- Messages
- 2,032
mickeyd said:"Active investing is therefore a zero-sum game. The only way for one active investor to do better than average is for another active investor to do worse than average" Fortune's Formula (Page 170) by Willian Poundstone
It's actually worse than that. All investors divy up the market return MINUS EXPENSES.