Charlie Munger, Warren Buffett's acerbic right-hand man, explains why its harder to make a buck in the market these days.
We have armies of people with advanced degrees in physics and math in various hedge funds and private-equity funds trying to outsmart the market. A lot of you older people in the room can remember when none of these people existed. There used to be very few people in the business, who were not very intelligent. This was a great help to me.
This is our favorite version of the "good old days" story ever. We too wished we lived in the days when the dim and the idle dominated. It was easier for the smart to get ahead. But more importantly, it was easier for the dim, idle classes to tread water.
Charlie Munger on IQ in money management [Daily Dose of Optimism]