If I spend 30 minutes this week looking at my investments, but a fund manager spends 60 hours, that’s a difference in quality and quantity not kind.
If I spend 30 minutes this week looking at my investments, but a fund manager spends 60 hours, that’s a difference in quality and quantity not kind.
Fund managers are paid to do a job by the owners of capital. Obviously that job is is work. The overwhelming majority of the gains accrue to the owners, and only a small fraction to the diligent fund manager who did the work.
Are you sure you tried to come up with a counter example?