Chris Dillow 

Beating the professionals

Chris Dillow

Chris Dillow
Beating the professionals

Professional investors think you’re a mug. In his superb history of fraud, Lying For Money, Dan Davies says retail investors are “dumb money”. Not only are they unlikely to have inside knowledge, he says, they often haven’t fully digested all public information. This means that although they account for only a small fraction of the market – only one eighth of shares are owned directly by individuals – they are very useful, he says, because professional investors can trade against them confident that they know better.

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