[stinkypete]

my point was that a good investor can beat the market the same way that a good poker player can beat a poker game. and you don't need to be one of the top few in the world... just as long as you're somewhat smarter than your average investor, you'll make more money than average.

that also means that a good fund manager can beat the market by more than the fund's expense ratio, just like a good player can beat the rake. the percentage of fund managers that can do this is very small, but so is the percentage of poker players that can beat the rake.

the analogy is just so perfect i had to point it out.

i would bet that even sklansky would agree with my post.