The Paradox of Skill

95% of trading on the New York exchange is either machines or professional people. The first index fund that comes out by Jack Bogle, they were hoping to sell you write in the book $150 million worth and they could barely get it over $10 million when they first launched it. Michael Mobus now calls this the paradox of skill. How is there any room to beat them when you're playing at such high levels? They are so much better than managers were 20 years ago. It's night and day.