"Most investors, both instituional and individual, will find that the best way to own common stocks is through an index fund that charges minimal fees."
Investment Solution
"All the time and effort people devote to picking the hot hand, the great manager, have in most cases led to no advantage."
Behavioral Finance
Daniel H. Kahneman
Nobel Laureate 2002
"The idea that any individual without extra information or extra market power can beat the market is extraordinarily unlikely. Yet the market is full of people who think they can do it and full of other people who believe them."
This is one of the great mysteries of finance:
Why do people believe they can do the impossible?
And why do other people believe them?
Wise Words