To summarize, due to competitive pressure and human nature, pretty much all professional managers will chase variants of a investment strategy that yields higher returns with a relatively low chance of ultimate failure. However, ultimate failure will be so spectacular as to wipe out all investors.
It sings a similar tune to an Atlantic article that I linked to earlier which suggested that huge bubbles are inevitable.
Though this one suggests that we are all investors and we all get wiped out even if we don’t directly participate in the said investment scheme.
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