I posted this on another board but few here see it so here goes...

the time was around the summer of 2003

A group of us were standing around watching the ticker tape go by on a down day . ... one of those all too frequent summer time slumps. Idle speculation arose about how far down or how soon a turn around would happen. Within this was comments about how more risky and speculative the markets seemed vs past decades.

One guy in his 40's came out and said that too much big money determined the direction of the market and that the little guy was being squeezed out. ... that the markets were too risky for buying individual stocks, he thought, and the only thing he was buying were mutual funds.

I never understood the logic of that statement and thought it misguided.

I was reminded of this man in 2008-09 when closed end funds ... amongst others....
went down worse than the S & P 500

***PinewoodsBear***