Do You Want to Play Against Those Guys?

"Consider what Charles Ellis, who helps oversee the $15-billion
endowment fund at Yale University, said:

"Watch a pro football game, and
it's obvious the guys on the field are far faster, stronger and more willing to
bear and inflict pain than you are. Surely you would say, 'I don't want to play
against those guys!'

Well, 90% of stock market volume is
done by institutions, and half of that is done by the world's 50 largest
investment firms, deeply committed, vastly well prepared — the smartest sons of
bitches in the world working their tails off all day long. You know what? I
don't want to play against those guys either."

John Mauldin's Newsletter on Trading

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