For decades, Wall Street has claimed that professional investors are “the smart money” and individuals “the dumb money.” That’s been one of the most cynically lucrative propaganda campaigns in history, with billions of dollars in fees and commissions flowing to people who didn’t turn out to be smart at all.

Investors on Main Street are nowhere near as naive as Wall Street has long contended. That’s the finding of recent research that casts new doubt on the distinction between smart and dumb money.

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Further reading

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Further reading