There are investment groups and individual portfolio managers that do seem to have a genuine knack for generating consistently good results over time.
In cases where two or more players have the same level of skill — whether that skill is high or low doesn’t matter — the skills of the players offset one another and luck becomes the primary determinant of the outcome.“Players” can be athletes, investors, or business executives.
Over the decade to mid-2022 a mere 12 per cent of US equity funds beat the market.
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