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March 28, 2007
Active Funds and Investment Porn
Tribeca Advisors has coined a nice expression for the usual active investing bumpf in the business press, like "Five Mutual Funds to Buy Now!". They call that sort of thing "investment porn", and even have a little treatise on the subject here, one that contains this great William Bernstein quote:There are two kinds of investors, be they large or small: those who don’t know where the market is headed, and those who don’t know that they don’t know. Then again, there is a third type of investor -- the investment professional, who indeed knows that he or she doesn’t know, but whose livelihood depends upon appearing to know.
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enough with the "________ porn" thing already.