Everyone wants to try and beat the stock market, but the average result has to be the average result, and by definition, everybody can't outperform the market.
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That's what Charlie Munger said in a speech titled, The Art of Stock Picking, given around a decade ago.
Efficient market theory
Munger made these comments when criticizing the efficient market theory, which he said was nothing more than an excuse for people with large mathematical gifts to do pretty mathematics.
He declared that he did not believe in the efficient market theory....
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