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.
What happens if we all just become index investors?
https://englundmacro.blogspot.com/2021/09/nobody-knows-anything.html
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