The benchmark (such as the S&P 500) was originally created as something to be observed, but once people began investing directly in the benchmark, the observer and the observed became entangled, distorting the benchmark itself.
causalpending
Speaker
Bogamill BaronowskiEvidence Quote
“now we have this way of investing in the benchmark. So the observer and the observed... start to have an impact on each other”
Source
Warren Buffett Published His Whole Playbook | Robert Hagstrom on Why Only One Tenth of 1% Uses It— Excess ReturnsCreated: 8/12/2026, 6:12:15 PM
My Notes
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