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Winning the Loser’s Game, 6th edition: Timeless Strategies for Successful Investing by Charles Ellis

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APPENDIX BMURDER ON THE ORIENT EXPRESS

AGATHA CHRISTIE—FOR MANY YEARS THE WORLD’S FAVORITE mystery writer1—perfected her guessing game for readers by creating a marvelous “Can you solve it?” puzzle in Murder on the Orient Express. Clues pointed in many directions but gave no certainty. Eventually, the plot thickened and Hercule Poirot, the wily Belgian investigator, deftly guided readers to an eventually obvious conclusion: No one suspect was guilty—all the suspects were guilty.

The same reality may explain the persistent failure of mutual funds and other institutional investors to achieve their ubiquitous but evanescent investment goal of superior results or “beat the market performance.” The results are persistently disappointing, clues to ...

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