In 2020 Bridgewater Associates which is the largest hedge fund in the world lost double digits on their main fund. They spend billions on research, have a lot o

In 2020 Bridgewater Associates which is the largest hedge fund in the world lost double digits on their main fund. They spend billions on research, have a lot of experience and many talented people working for them. At the same time people who yoloed on Bitcoin and Tesla from their phone app while sitting on the toilet have made multiples of their original investments. The gap between theory and reality is so big that you're wasting your time reading papers about this. Unless you want to do it for a living - in that case read up as much as you can, your technical background and PhD will help get a job in finance, and then you can be one of the people who pretend to know what they're doing.