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No Shortcuts to Investment Success (Part 1)

It's hard to beat the market, but that's not necessary for investment success.

Alex Bryan 28.03.2019

Investment Philosophy

My perspective is rooted in the fact that it's hard to beat the market. Everyone's looking for high-return, low-risk opportunities, and if they arise, offers to buy will almost certainly flood in, quickly pushing up prices and cutting future returns to a level commensurate with their risk.

As a result of this competitive pressure, market prices tend to do a good job of reflecting information that's available to the public. Sure, some investors have better information than others, but it's hard to keep an informational edge in a world where it is illegal for corporate managers to selectively disclose information to some investors and not others. Competition between well-informed investors makes it hard to profit from fundamental research.

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About Author

Alex Bryan

Alex Bryan  Alex Bryan, CFA is the Director of Passive Fund Research with Morningstar.

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