Even famous successful investors like Peter Lynch, Warren Buffett, Bill Dermot, and Howard Marks had tiny asset bases when they were starting out, and we only know them today as successful because we see the winners; we never hear of the 10,000 portfolio managers who were flushed out and failed—a case of survivorship bias.
factualpending
Speaker
Barry RolfsEvidence Quote
“the 10,000 portfolio managers who got flushed that we have never heard of right... survivorship bias”
Source
Why Money Isn't What You Think: Barry Ritholtz on the Meaning of Money and How NOT to Invest It— Excess ReturnsCreated: 8/11/2026, 5:35:27 AM
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