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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Freedom Fighter who wrote (68763)	10/7/1999 10:17:00 AM
From: Skeeter Bug	Respond to of 132070

wayne, bgr won't realize that the market is anything but perfect until he loses much of what he has now - and for good. that is the way it ALWAYS works.

To: Freedom Fighter who wrote (68763)	10/8/1999 12:06:00 AM
From: BGR	Read Replies (2) \| Respond to of 132070

Wayne, Let's forget market efficiency for a while. Primarily, I am interested in making money, the most money I can with the highest probability. First, the constraint is that I am not going to trade. I have a great job, which I have no wish to ignore. So, I have to invest with a professional, a fund manager. The day someone will come up with a study which indicates that over the previous 10 years+ (my definition of medium term) 50% or more of professional investors (mutual fund managers, say) have achieved more than the market index, I will start investing with them and not the index. That is not presently the case. Now, if more than 50% of professionals lag the index, what is the chance that an amateur like me would have beaten the market on my own? I certainly post in the Myth thread and here, and I know that every card-carrying bear here is a better than average investor (even when they actualy lose money and not just trail the indexes), I am convinced that I am not (even when I make money by investing in index funds). Even if you suceed in convincing me that the market is not perfect, Wayne, you will never convince me that it is imprefect enough that I have a chance in exploiting the imperfection over the next 30+ years, consistently. Most fund managers fail in this reagrd. Now, if I were Mohan, or Skeeter Bug, or Lucretius Taurus things would have been different. But I am not. So there. -BGR.