Apparently the SEC – that is the Yank version of ASIC. You know the organisation that has yet to indict, convict or even spank in a non fun boarding school way anyone responsible for the bacchanalian orgy of theft and misconduct that is Wall Street. Well these clowns have put out a study that apparently says that stock picking should be left to the expert and that retail investors are basically retards.
Whilst I would agree that financial literacy is low in any community, the broad notion that it should be left only to the professionals is what got us into this mess.
I wonder what a study into professional investor would say about the inability of 99% of them to generate any positive alpha for investors and the ability of hedge fund managers to become billionaires whilst simultaneously under performing bonds for the past decade or so.