It is often said that the financial market is like a battlefield between David and Goliath, it is a war between the small-time retail investors (the “dumb money”) and the mighty institutional investors (the “smart money”). The retail investors did lose money most of the time because unlike David, they underestimate their opponents. Thanks to the popularity and success of passive investing, retail investors are often misled into believing that a fund manager’s stock-picking skills are worse than a chimpanzee throwing random darts at a stock chart. But if you think about it rationally, do you really think the people working in Wall Street, who have gone through rigorous financial training, survived decades of bull and bear markets, and spent their entire career trying to make money in the stock market, don’t know what they are doing? In the course of my career as an independent financial adviser, I have spent more than a decade...