But in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
Merton Miller... Any pension fund manager who doesn't have the vast majority-and I mean 70% or 80% of his or her portfolio-in passive investments is guilty of malfeasance, nonfeasance or some other kind of bad feasance!
Merton MillerTo beat the market you'll have to invest serious bucks to dig up information no one else has yet.
Merton MillerMost people might just as well buy a share of the whole market, which pools all the information, than delude themselves into thinking they know something the market doesn't.
Merton MillerIf there's 10,000 people looking at the stocks and trying to pick winners, one in 10,000 is going to score, by chance alone, a great coup, and that's all that's going on. It's a game, it's a chance operation, and people think they are doing something purposeful... but they're really not.
Merton Miller