Man Vs Index
"If you don't have the time, effort and interest, indexing is a great way to go for most people," says Michael Mauboussin, author of Think Twice: Harnessing the Power of Counterintuition.
That's not a particularly noteworthy statement, except when you consider the fact Mauboussin is also chief investment strategist at Legg Mason Capital Management, home of legendary (active) fund manager Bill Miller.
Miller famously beat the S&P 500 for 15 consecutive years starting in the 1990s, only to take a bath during the market crash in 2008, when the Legg Mason Value Trust fell a staggering 55%. From that one annus horribilis, many observers deduced Miller had either lost his touch or just had fantastic luck during his legendary streak.
Stellar performance is "a combination of skill and luck," Mauboussin concedes, and even Miller has often cited the role luck played during his years of outperformance.
This video contains the opinions of the participants but not necessarily GoldCore. The participants' opinions are subject to change without notice. Information discussed in the videos has been obtained from sources believed to be reliable, but is not guaranteed. These videos are made available for educational purposes only and should not be considered investment advice or an offer of any particular security, strategy or investment products. Past performance is not indicative of future results and no representation is made that the stated results will be replicated.