I should mention that I am a member of the board of directors of Dimensional Fund Advisors.
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 MillerBut in practice, if often comes down to not suffering a loss as big as the huge gain you made a while ago.
Merton Miller