Most Investors Don't Know What They're Doing

For most of my career, I’ve been a champion of individual investors.

I cheered the rise of self-directed investors in the 1990s and hoped they would democratize markets and break Wall Street’s stranglehold. In public appearances over the past 15 years, I’ve been impressed by the number of sharp, disciplined investors I’ve met.

But since the housing bust and financial crisis, I’ve had more and more doubts.