It doesn't mean that trend investors make greater returns over the long term than informed investors. The NYT has a piece right now about the trading platform R

It doesn't mean that trend investors make greater returns over the long term than informed investors. The NYT has a piece right now about the trading platform Robinhood and how the platform has attracted lay investors who know squat about the markets and lose more money than investors with other, more established brokers. There's a guy who took equity on his house and opened multiple lines of credit to invest with margin, made over a million, and then lost it all. Meanwhile passive investors making a cool annualized 5% above inflation will retire rich.