Active management used to be easier. Information took forever to percolate out. Big buyers and sellers accidentally tipped their hands, giving more nimble traders opportunities. Good analysts at small banks didn’t move stocks, but even mediocre analysts at big banks did. And short-term correlations were lower than medium-term correlations: if every pharma stock but JNJ opened higher one morning, it was better than even money that JNJ would catch up by noon.
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