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Their wordsBut if you want to beat the market, you can only beat the market by choosing investments that you find that other people have not found and are doing worse than the market. The only way to beat the market is for somebody to underperform the market. It's zero-sum.
Their wordsThere is a cost of risk which is the same as paying a fee. So when you're paying an investment management fee to somebody, you pay that fee and you see that fee... And so if somebody turns up to most investors and says, "I've got this S&P 500 fund and the fee is 75 basis points," people are like, "Come on, give me a break." ...Taking risk, you should think about taking risk as also paying a fee...
Their wordsOne thing I've learned in doing what we've been doing for the last 15 years is that you just don't change anybody's mind about anything.
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