There is lots of evidence of this in stock markets across the world. Markets are mostly efficient and investors are mostly rewarded for being invested. Blindfol

There is lots of evidence of this in stock markets across the world. Markets are mostly efficient and investors are mostly rewarded for being invested. Blindfolded monkeys outperform professional stock pickers - http://www.forbes.com/sites/rickferri/2012/12/20/any-monkey-can-beat-the-market/ http://www.forbes.com/sites/rickferri/2012/12/20/any-monkey-... Specialized investors are mostly rewarded imo for their specialized knowledge (e.g. taking airport revenues and slicing that up into bonds, MBS, CDS, etc.) than in actual investment prowess. Sand Hill's abysmal venture returns are a testament to this.