“ Professor Wermers says his advice has evolved significantly as a result of this study. Until now, he says, he wouldn’t have tried to discourage a sophisticated investor from trying to pick a mutual fund that would outperform the market. Now, he says, “it seems almost hopeless.
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Strategies - The Prescient Are Few - NYTimes.com
Buy Vanguard and call it a day…
Interesting, final, conclusive chapter for market efficiency theorists.
Gee, what other markets will an explosion of information and context make incredibly more efficient?
