Every Tom, Dick, and Harry imagines himself to be a savvy investor. People don't realize how badly they are outmatched by the big fish. Investment management is a capital-intensive industrial enterprise. In Advances in Financial Machine Learning, Prado gives the analogy of what happened to gold mining:
Shiller Asset Pricing
Shiller Asset Pricing
Shiller Asset Pricing
Every Tom, Dick, and Harry imagines himself to be a savvy investor. People don't realize how badly they are outmatched by the big fish. Investment management is a capital-intensive industrial enterprise. In Advances in Financial Machine Learning, Prado gives the analogy of what happened to gold mining: