FYI: For decades, Wall Street has claimed that professional investors are “the smart money” and individuals “the dumb money.” That’s been one of the most cynically lucrative propaganda campaigns in history, with billions of dollars in fees and commissions flowing to people who didn’t turn out to be smart at all.
Investors on Main Street are nowhere near as naive as Wall Street has long contended. That’s the finding of recent research that casts new doubt on the distinction between smart and dumb money.
Regards,
Ted
https://www.wsj.com/articles/wall-street-has-it-wrong-youre-a-smart-investor-11550851234
Comments
Summary: "Probably the best way, then, to think about “smart” versus “dumb” money is this: The smart money isn’t as smart as it fancies itself, and the dumb money isn’t as dumb as everybody thinks it is. The only smart money is the money that knows its own limitations."