The Individual Investor versus the Institutional Investor

When “dumb” money acknowledges its limitations, it ceases to be dumb.

—Warren Buffett

I was fresh out of college and in the early days of my career in the money management industry, but I could tell this talk was a big deal. It was one of my first big industry conferences and it was standing room only. The room was packed with professional investors, portfolio managers, and consultants, all eagerly awaiting the message to be delivered by a well-known billionaire hedge fund manager. There was a buzz in the air. At every investment conference there is always one speech that every attendee ...

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