Editore"s Note
Tilting at Windmills

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December 7, 2004
By: Kevin Drum

BEATING THE MARKET....This is off the beaten path, but Andrew Tobias has a good answer today to a perennial question: can smart investors beat the stock market?

Yes, you are likely smarter than most people....But youre not competing with the 98% who may not have your gifts, but, in the main, with the 2% who do and especially with a small subset of that group who have a lot of information at their disposal and perhaps more time and training than you. (And still they too tend not to be able to beat the market.)

This is something that too few smart people appreciate: in most things that matter, you're not competing with the whole world. You're competing with a tiny subset of the world that's probably at least as smart and knowledgable as you and probably more so. Caveat emptor.

Kevin Drum 2:10 PM Permalink | Trackbacks

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