http://www.investopedia.com/terms/o/opportunitycost.asp http://www.investopedia.com/terms/o/opportunitycost.asp Some schmuck sort of did. The market makers and

http://www.investopedia.com/terms/o/opportunitycost.asp http://www.investopedia.com/terms/o/opportunitycost.asp Some schmuck sort of did. The market makers and liquidity providers are not the source of the sold stock, simply intermediaries. "is actually getting worse in recent years, against the author's thesis that passive investing is supposed to create a small pool of 'superstars'." This is a huge point of contention. Capital takes a long time to flow out of mutual and hedge funds which have been underperforming. It could be many years yet before any "superstars" emerge.