Marks argues that market inefficiency stems from ignorance, but cumulative knowledge gradually eliminates it over time.
“Most inefficiency is the result of ignorance. But knowledge is cumulative. People learn more and more every year.”
Marks states most equity mutual funds underperform the S&P 500 before fees and do notably worse after fees.
“if you look at equity mutual funds, most equity mutual funds don't even do as well as the S and P five hundred before fees, and then they charge you a high fee for their efforts, and they do notably worse after fees.”