Key excerpt:
Hard-to-beat markets are not impossible to beat. Investors with exclusively available information find it easy to beat the market, and investors with narrowly available information find it hard but not impossible to beat the market. Yet, on average, investors with nothing more than widely available information find it impossible to beat the market. Such investors are beaten by the market more often than they beat it. Indeed, investors with exclusively available and narrowly available information gain their market beating returns by emptying the pockets of investors who attempt to beat the market with widely available information alone.
Submitted May 29, 2017 at 03:26PM by cb_hanson_III http://ift.tt/2qv9R2Y
