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by lmm 3160 days ago
The market is inherently volume-weighted, and there is much more "smart money" than "dumb money".
1 comments
ZenoArrow 3160 days ago
To give an example of something a smart investor would do, Warren Buffett supposedly only invests in industries he understands in depth:

http://www.investopedia.com/articles/05/012705.asp

What proportion of investors would you suggest show such restraint? Over half?

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lmm 3160 days ago
The proportion of "investors"? Low. The proportion of market capital allocation, among people doing active allocation for long-term buy and hold strategies? Very high.
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