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← Most active investors are not hunting for information; they are…
17 connected korrents · 13 moments on record from 11 Jan 2021 to 3 Sept 2026.
Everything filed under benchmarks
benchmarks
Everything filed under market efficiency
market efficiency
Everything filed under SaaS
SaaS
Everything filed under value investing
value investing
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stock market
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America Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Same subject Read this korrent: Most active investors are not hunting for information; they are betting on mean reversion in data everyone already has. Most active investors are not hunting for information; they are betting on mean reversion in data everyone already has. Last stated 3 months ago
18 Jun 2026
AD
Aswath Damodaran — holds since 2026-06-18 — tap for who they are
Same subject: Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument. — tap to centre the map on it Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument. Last stated 3 months ago
18 Jun 2026
AD
Aswath Damodaran — holds since 2026-06-18 — tap for who they are
Same subject: The claim that passive investing has made markets less efficient is overwrought. — tap to centre the map on it The claim that passive investing has made markets less efficient is overwrought. Last stated 3 months ago
18 Jun 2026
AD
Aswath Damodaran — holds since 2026-06-18 — tap for who they are
Same subject: Investing well requires reversing the human instinct to grow excited as prices rise and fearful as they fall. — tap to centre the map on it Investing well requires reversing the human instinct to grow excited as prices rise and fearful as they fall. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: The pull of fundamentals that used to reverse market momentum has weakened, so betting on mean reversion is more dangerous than it was. — tap to centre the map on it The pull of fundamentals that used to reverse market momentum has weakened, so betting on mean reversion is more dangerous than it was. Last stated 6 days ago
2 Sept 2026
AD
Aswath Damodaran — holds since 2026-09-02 — tap for who they are
Same subject: Even the most advanced AI cannot be followed blindly in investing, where value added is zero-sum and what is widely known is therefore worth little. — tap to centre the map on it Even the most advanced AI cannot be followed blindly in investing, where value added is zero-sum and what is widely known is therefore worth little. Last stated 3 months ago
10 Jun 2026
RD
Ray Dalio — holds since 2026-06-10 — tap for who they are
Same subject: The worry that AI's returns are locked away in private companies is overstated: well under a fifth of American market capitalisation is private. — tap to centre the map on it The worry that AI's returns are locked away in private companies is overstated: well under a fifth of American market capitalisation is private. Last stated 3 months ago
4 Jun 2026
PT
Phil Trammell — holds since 2026-06-04 — tap for who they are
Same subject: The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons. — tap to centre the map on it The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons. Last stated 2 years ago
3 Sept 2024
CA
Cliff Asness — holds since 2024-09-03 — tap for who they are
Same subject: Most investments are really speculations, because only a handful of businesses can be predicted with any confidence. — tap to centre the map on it Most investments are really speculations, because only a handful of businesses can be predicted with any confidence. Last stated 3 years ago
20 Feb 2024
BA
Bill Ackman — holds since 2024-02-20 — tap for who they are
Same subject: A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet. — tap to centre the map on it A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet. Last stated 2 weeks ago
25 Aug 2026
NM
Nick Maggiulli — holds since 2026-08-25 — tap for who they are
Same subject: Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge. — tap to centre the map on it Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge. Last stated 6 years ago
11 Jan 2021
HM
Howard Marks — holds since 2021-01-11 — tap for who they are
Same subject: The value-versus-growth distinction does not serve investors well in a fast-changing world. — tap to centre the map on it The value-versus-growth distinction does not serve investors well in a fast-changing world. Last stated 6 years ago
11 Jan 2021
HM
Howard Marks — holds since 2021-01-11 — tap for who they are
Same subject: Agents will increase the number of users of SaaS rather than get rid of it. — tap to centre the map on it Agents will increase the number of users of SaaS rather than get rid of it. Last stated 4 months ago
24 May 2026
DS
Dan Shipper — holds since 2026-05-24 — tap for who they are
Same subject: AI companies are disrupting entire industries, causing a partial collapse of the traditional SaaS business model. — tap to centre the map on it AI companies are disrupting entire industries, causing a partial collapse of the traditional SaaS business model. Last stated a week ago
1 Sept 2026
PL
Pieter Levels — holds since 2026-09-01 — tap for who they are
Same subject: AI-assisted ('vibe') coding has made it so easy to build competing SaaS apps that a plain, unremarkable SaaS product can no longer easily attract signups. — tap to centre the map on it AI-assisted ('vibe') coding has made it so easy to build competing SaaS apps that a plain, unremarkable SaaS product can no longer easily attract signups. Last stated a week ago
1 Sept 2026
PL
Pieter Levels — holds since 2026-09-01 — tap for who they are
Same subject: A benchmark result should be reported under a stated budget, or as a curve against test-time compute — never as a single number. — tap to centre the map on it A benchmark result should be reported under a stated budget, or as a curve against test-time compute — never as a single number. Last stated 2 months ago
26 Jun 2026
NB
Noam Brown — holds since 2026-06-26 — tap for who they are
Same subject: A benchmark that ranks Claude Code last while it stays first in use is measuring the wrong thing, and has been for a year. — tap to centre the map on it A benchmark that ranks Claude Code last while it stays first in use is measuring the wrong thing, and has been for a year. Last stated 5 days ago
3 Sept 2026
DR
Dax Raad — holds since 2026-09-03 — tap for who they are
Same subject: A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. — tap to centre the map on it A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost. Last stated 5 months ago
1 Apr 2026
TP
Thuan Pham — holds since 2026-04-01 — tap for who they are
At the centre
Most active investors are not hunting for information; they are betting on mean reversion in data everyone already has.
Holds AD Aswath DamodaranRead this korrent →
Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument.
Holds AD Aswath Damodaran
The claim that passive investing has made markets less efficient is overwrought.
Holds AD Aswath Damodaran
Investing well requires reversing the human instinct to grow excited as prices rise and fearful as they fall.
Holds BA Bill Ackman
The pull of fundamentals that used to reverse market momentum has weakened, so betting on mean reversion is more dangerous than it was.
Holds AD Aswath Damodaran
Even the most advanced AI cannot be followed blindly in investing, where value added is zero-sum and what is widely known is therefore worth little.
Holds
The worry that AI's returns are locked away in private companies is overstated: well under a fifth of American market capitalisation is private.
Holds PT Phil Trammell
The stock market has become less informationally efficient over the past thirty-plus years, particularly in the relative pricing of common stocks over medium horizons.
Holds
Most investments are really speculations, because only a handful of businesses can be predicted with any confidence.
Holds BA Bill Ackman
A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet.
Holds NM Nick Maggiulli
Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge.
Holds HM Howard Marks
The value-versus-growth distinction does not serve investors well in a fast-changing world.
Holds HM Howard Marks
Agents will increase the number of users of SaaS rather than get rid of it.
Holds DS Dan Shipper
AI companies are disrupting entire industries, causing a partial collapse of the traditional SaaS business model.
Holds
AI-assisted ('vibe') coding has made it so easy to build competing SaaS apps that a plain, unremarkable SaaS product can no longer easily attract signups.
Holds
A benchmark result should be reported under a stated budget, or as a curve against test-time compute — never as a single number.
Holds NB Noam Brown
A benchmark that ranks Claude Code last while it stays first in use is measuring the wrong thing, and has been for a year.
Holds
A company's staff-engineer bar should be set against the best companies in the industry rather than against its own history, which is what makes title inflation a real cost.
Holds TP Thuan Pham