Quote of the day by Fred Schwed Jr: "The principle of “managed” investment trusts is absolutely sound, granted only one premise. The premise is that there are somewhere people of such experience and insight that they can predict with some sort of accuracy the future behavior of securities"

Fred Schwed Jr. questions the premise behind professionally managed investments: that experts can predict securities’ future behaviour with reasonable accuracy. His observation highlights the limits of financial expertise, emphasizing uncertainty, changing market conditions and the importance of understanding investment risks.