> What is the market? A bunch of fund managers. This is like saying all personal relationships are limited to prostitutes. One can buy stocks directly, or inve

> What is the market? A bunch of fund managers. This is like saying all personal relationships are limited to prostitutes. One can buy stocks directly, or invest in index mutual funds that don't have managers, for the reason that no management is required. > Then track the winners. This will show whether it's a game of skill or chance. But that's been done -- the WSJ Dartboard Contest showed that the experts don't do better than throwing darts at a list of stocks. http://online.wsj.com/article/SB10001424127887324504704578410864000872642.html http://online.wsj.com/article/SB1000142412788732450470457841... My point is that buying and holding an index fund, and relying on long-term market growth instead of phony expertise, is a much better approach to equity investment.