3 ms·

Everyone cant make money in the market. Who is on the other-side of index funds.

• ars 9y ago
  Young people buying, old people selling. It relies on population growth, but for the US that's a fine bet. It would not work in Japan.
• thedufer 9y ago
  Why can't everyone make money on the stock market? It's not a zero-sum game.
• smileysteve 9y ago
  Random Walk isn't about everybody beating everybody all of the time. Active funds, individual traders, hedge funds, pe, VCs are all trying to optimize active individual bets, and those will likely have high positive returns sometimes. But when those with the highest returns get over priced and a fee built in until an index fund is better over long terms.