Hittade den här studien “https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3905050” via den här populärvetenskaplig artikeln:
Det finns professionella fonder som aktivt följer småsparare och deras beteende och utnyttjar deras misstag för att generera alpha.
Några citat:
Their findings led Kang and Lin to conclude that by exploiting the irrational behaviors of retail investors, institutional funds obtain excess gross returns. Unfortunately for fund investors, the same large body of evidence demonstrates that while mutual funds generate gross alpha, their total expenses exceed gross alpha, resulting in negative alphas for their investors.
If on average, an actively-managed mutual fund generates 0.7% of gross alpha, but after you subtract the expense ratio and trading costs which add up to nearly 1%, the net alpha is still negative. The active manager is the winner, taking all of the alpha for themselves in the form of relentless fees taken as a percentage of the entire asset base. The retail investor/customer still loses out. An fairer fee structure would be to take a larger percentage, but of the alpha only.
Källa: “If Retail Investors Are Dumb Money, Who Is Raking Up All The Alpha?”
Citat från Charlie Munger på Berkshire Hathaway:
I think it is roughly right that the market is efficient, which makes it very hard to beat merely by being an intelligent investor. But I don’t think it’s totally efficient at all. And the difference between being totally efficient and somewhat efficient leaves an enormous opportunity for people like us to get these unusual records. It’s efficient enough, so it’s hard to have a great investment record. But it’s by no means impossible. Nor is it something that only a very few people can do. The top three or four percent of the investment management world will do fine.