[hinkley]

You understand that index funds only relatively recently won mindshare, right? Particularly in the eighties everyone thought they could beat the system. And there was so much inefficiency that they were often right.

It’s also democratized with the drop in transaction fees. When I first looked at the stock market, they wanted $80 a trade, which is $190 adjusted for inflation. So you’re getting much more Law of Large Numbers effects today, smoothing things out.