Jack Bogle: Why I Don’t Believe in the Stockpickers’ Market

So what happens when we get into a stock 
pickers market oh a stock pickers market   there's no such thing now or ever why because 
as i told the professor each smart investor   has to buy what it buys from 
a dumb investor so-called dumb   there's just i don't know why people don't get 
it the reality of investing is you're betting   against the person that's doing the other side 
of every trade and so we may have stock pickers   good stock pickers doing well but we will 
have bad stock pickers doing exactly the   same amount of badness as they had goodness so 
it's just a realization of what the market is

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