The entire active management industry needs an epic reset

It’s striking that despite the explosion of tools available to retail investors, and the consistently underwhelming returns from hedge funds, there remains this durable belief that professionals operate with some insurmountable edge….The reality is the bar is actually set so low amongst these “pros” that when I explain this I have to make it seem they are better than they actually are just sound credible. I guess what sustains the myth is the sheer scale of capital involved. People see billions and infer brilliance. I think my new favorite analogy to try and dispel this is the modern entertainment industry. There is enormous capital, endless access to “top talent,” and yet good films are rare. The presence of money and resources does not guarantee quality. Not even close. Investing is no different.