Re: Reconciling \"Random Walk\" with \"Market Wizards\"
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Malkeil is talking about large numbers of people and billions of $.
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I highlighted his language to emphasize that this is not the case. He says, literally, "no one." He does not say "most" or "on average" or "people with little capital." He says "no one."
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Both books agree. The market can be beat by a very small number of people with comparitively small amounts to invest.
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Small is not the same as no one. The books don't agree.
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