I think the connotations you're ascribing to "dumb money" and "smart money" apply only to investor financing in startups. IIRC, active investing is an overwhelm

I think the connotations you're ascribing to "dumb money" and "smart money" apply only to investor financing in startups. IIRC, active investing is an overwhelmingly "dumb" way for the average individual to invest their own cash.