It’s All Gone


There’s a reason why index funds have more than $10 trillion in assets. Picking stocks that outperform the market is very difficult.
When you look at potential outperformance relative to the time, energy, and frustration it takes to beat the market, most investors come to the conclusion that it just isn’t worth it.

One of the most illuminating papers on this comes from Hendrik Bessembinder, who found that of …

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