Bit by bit, the myth of the “dumb money” is dying.
For decades, Wall Street has derided individual investors as ill-informed, fickle and hapless. Instead of buying and holding, or buying low and selling high, the “dumb money” blindly chases performance, buying high and selling low. The perennial message from Wall Street: The only way the dumb money can get smart is by taking our advice—at a reasonable fee, of course.
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