> If stocks are so over priced, can anyone show an example of a fund that's making a killing off of these mispricings? You won’t find them until the market cra

> If stocks are so over priced, can anyone show an example of a fund that's making a killing off of these mispricings? You won’t find them until the market crashes. The ones who make a killing will simply be the ones who timed the crash correctly. The road is already littered with funds/managers who have timed the crash incorrectly. > Why would active management have failed to find and exploit these mispricings before? There is no efficient “buy and hold” way to short the market. The ways to invest/bet on the market going down are either time-limited or have the potential for margin calls. Most downside market bets are most efficiently used as balanced hedges rather than pure bets against the market (at least imho).