, Columnist
Consultants, Culture and Speed Bumps
Also a Third Law of Insider Trading, Valeant, blockchain, pretend M&A and edible drones.
Investment consultants.
If you believe that investing skill exists and can be identified in advance, then you will want to hire skilled professionals to manage your money. This creates lucrative employment for the skilled professionals, but also for a lot of other people. You don't just need skilled managers to manage the money; you also need skilled consultants to find the managers, and skilled employees to hire the consultants and the managers. Business schools are needed to train the managers. A whole economic ecosystem exists, predicated on the notion that investing skill is a real thing that can be identified and measured.