Summary
Ellis argues that institutional investing had become a loser’s game, like amateur tennis, where results are decided by errors rather than brilliant shots. Most managers fail to beat the market.
The essay helped launch the move to index funds.
Source
- Title
- The Loser’s Game
- Author
- Charles D. Ellis
- Year
- 1975
- Published by
- Financial Analysts Journal
- Length
- 6 pages
- File
- PDF · 596 KB