Goldman trader why the dumb money has been beating the pros this year

“At a macro dinner last night someone asked why retail keeps outperforming institutional money,” said Rich Privorotsky, head of European One Delta trading at Goldman Sachs, in a note to clients.

Institutions have been “tethered to valuation and those pesky fundamentals,” he added, while retail has been capturing the risk premia that the institutional crowd is not.

Bruno Schneller, managing partner at Erlen Capital Management in Zurich, made a similar, if even more brutal, point. 

“This is a classic case of the ‘dart-throwing monkey’ beating the hedge fund,” he told MarketWatch.

Steve Goldstein MarketWatch Oct. 23, 2025

https://www.marketwatch.com/story/goldman-trader-answers-why-the-so-called-dumb-money-has-been-beating-the-pros-this-year-b4eefa95



”Börsapan” slog både fondproffsen och index
“A blindfolded monkey throwing darts at financial pages 
https://englundmacro.blogspot.com/2022/04/borsapan-slog-bade-fondproffsen-och.html

 


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