Michel Pireu Columnist

From Charlie Munger at the Daily Journal Annual Meeting 2019

Another issue, of course, that’s happened in the world of stock picking is that we’ve had a really horrible thing happen to the investment counselling class. And that is these index funds have come along and they basically beat everybody … So you have a whole profession that is basically being paid for accomplishing practically nothing. This is not the case with bowel surgery … but it is very peculiar when a whole profession that works so hard just can’t do what it is trying to do, which is get better than average results.

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