Would have put all of the money on this result; it’s the most well-studied question in the world. You’d need titanic confidence to guess anything other than “Active-managed funds perform, on average, as well as the relevant market minus their management fee and taxes.”https://twitter.com/lisaabramowicz1/status/1082099207396306946 …
-
-
It's the original "built-in bug bounty".
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
It's because it's a zero sum game. Just for fun good managers don't continue to be good over time. Stocks ~= Managers. Might as well go with an index unless you are a really good manager picker.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
But sadly even the losers in the tournament are still taking home millions of dollars. So unless investors get a lot smarter, things won't change much.
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
-
-
And take X% of billions even if they don’t disprove (where X is significant)! This is why we have so much data on the question. It also means they don’t have the same incentive to disprove as game with a penalizing negative outcome would. So the result is almost a self-fulfilling
Thanks. Twitter will use this to make your timeline better. UndoUndo
-
Loading seems to be taking a while.
Twitter may be over capacity or experiencing a momentary hiccup. Try again or visit Twitter Status for more information.