PastTense

Where the Big Money Is Betting Big

"As a result, the big money looks like the smart money most of the time."

False, on average big money's success is about the same as the market in general. For example, there have been a number of studies which have shown that if you just invest in an index fund (for example SPY--S&P 500), its performance will beat 60%-65% or so of comparable actively managed funds. And if pick funds based on their performance in the past, their success often disappears. But you mostly hear about the winners in the mass media; little about the losers.