alpha

Is active investing a zero sum game?

on January 22, 2015

Active investors can only beat the market if other active investors do worse. This isn’t a morality tale – it’s a warning with respect to your finances.

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Is investing a zero sum game?

on January 15, 2015

There’s a crucial difference between the fact that trying to beat the market is a zero-sum game, and the *misconception* that the same is true for investing.

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