I don’t believe in efficient markets. I’m saying that there’s a lot of people sending their money to the SP500 on autopilot. The value-add of investors are
a) provide capital
b) re-allocate capital from less efficient to more efficient co’s.
The autopilot style of investing is good as far as it goes, but it risks inflating the SP500 far beyond what is logical, while starving smaller but still great companies of capital.
a) provide capital
b) re-allocate capital from less efficient to more efficient co’s.
The autopilot style of investing is good as far as it goes, but it risks inflating the SP500 far beyond what is logical, while starving smaller but still great companies of capital.