Investing in a World Where the Central Banks Are Always Meddling

Since two thousand and eight, when the central banks started to get very aggressively involved, individual stock pickers reigned the universe. So i think it is very difficult to be a public market individual stock picker in a world where the central banks are constantly meddling. The folks that have done exceedingly well were those intact because we delivered the best beta. And every time we confuse alpha and beta, we get over our ski tips, and there's always some big elk, you know, blow up.