In markets, it is always tempting to conclude that one’s victories are thanks to one’s own brilliance,

and any failures must be the fault of the Federal Reserve, passive investing or some other convenient scapegoat.

Getting it right occasionally can be thanks to skill or luck, but doing so in the long run is an almost Herculean task that the data shows is beyond the ken of most humans.

Robin Wigglesworth  FT 20 December 2021

https://www.ft.com/content/e87e5c7b-962f-4d91-912e-764cafd0ab01

Trillions: How a Band of Wall Street Renegades Invented the Index Fund and Changed Finance Forever by Robin Wiggleswort

 Robin Wigglesworth unveils the vivid secret history of an invention Wall Street wishes was never created, bringing to life the characters behind its birth, growth, and evolution into a world-conquering phenomenon. This engrossing narrative is essential reading for anyone who wants to understand modern finance--and one of the most pressing financial uncertainties of our time.

https://bookshop.org/books/trillions-how-a-band-of-wall-street-renegades-invented-the-index-fund-and-changed-finance-forever/9780593087688

What happens if we all just become index investors?

https://englundmacro.blogspot.com/2021/09/nobody-knows-anything.html