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elharo comments on Rationality Quotes June 2014 - Less Wrong
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As somewhat of a libertarian, I tend to fall into that last group. I have to keep reminding myself that if nobody could outguess the market, then there'd be no money in trying to outguess the market, so only fools would enter it, and it would be easy to outguess.
There is a great deal of money to be made by entering the market and not trying to outguess it. This is what index funds are about. Thus many non-fools enter the market.
By "enter", I meant try to outguess.
If everyone bought stocks randomly, it would be easy to outguess.