Buffett won his bet with the hedge fund manager. In other news, sun rose this morning, gravity still functions, smoking causes cancer.
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Perhaps it's similar to how people pay more for a human made latte vs a machine. Just some dumb psychological pull that more work = good
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There’s no commercially available latte machine that can make a latte as good as a human.
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Even worse: people pay Scaramucci to buy the *average* of managed funds. At least there are good hedge funds. Avg is guaranteed loss.
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thought experiment … if _ALL_ $’s moved to passive management what trades would set the market prices?
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QE-driven POMO 4 life
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2&20 not the only active management, though. And, active is probably the place to be right now; at least for a while.
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isn't it like any pyramidal structure? "most people are below this line but I bet I'll be in the apex" (aka: my formula *really* works)
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Why do they keep paying?
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People keep going to casinos, too, though the house always wins if you play long enough, unless you can get the rules tilted in your favor
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