Asset Management Is A Bizarre Industry Ripe For Disruption
David Teten
NOVEMBER 15, 2013
Each new investor tends to raise valuations and lower returns for all the other competitive investors. It is mathematically impossible for the median investor to beat a low-cost index, after expenses. (Of This option-based valuation methodology can also be used to explain the early 2000 internet/telecom bubble in the public markets.
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