The 2+2 Hedge Fund

[David Sklansky]

"One last thing. You cannot beat the market Mr. Sklansky. You cannot beat the Wall Street mediocrity. If you really could, you would do it."

I won't comment on that anymore. But I would like to bring up again your statement that the mutual fund managers who are only average because they have to pick 30 stocks would beat the averages easily if they could pick their best five. If you changed the numbers to 100 and 2 you could conceivably be right. But any smart person realizes that what you said almost can't be.