Re: Reconciling \"Random Walk\" with \"Market Wizards\"
Market Wizards is talking about a handfull of people, most of which have smallish amount of money ($100,000). Malkeil is talking about large numbers of people and billions of $.
It is impossible for large numbers of people to beat the market.
It is impossible for more than a few large billion dollar funds to beat the market.
Both books agree. The market can be beat by a very small number of people with comparitively small amounts to invest.
|