In 1998, Charles Ellis wrote the wonderful book, “Winning the Loser’s Game.” He referred to active management as the loser’s game because while it’s possible to win (just as it is at the roulette wheel or the craps table in Las Vegas), the odds of doing so are so poor you shouldn’t even try. Thus, the surest way to win the loser’s game is to not play, be it at the roulette wheel, the craps table or active investing.
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