Mark Matson

If I don't have a purpose for my money and my life, then no amount of money will ever be enough.

You win the lottery and win $100 million, that's not enough.

It won't make you happy.

It's great to be with you, Rich.

Yeah.

Like so many people that had to rethink things, what I was doing wasn't working.

I went to work for a large broker dealer, Chubb Securities at the time.

They're very, very large into financial planning, insurance and investments.

And I would put my clients in actively managed mutual funds.

that had 20 or even 30-year track records.

And I would notice at the age of 27 that these managers who had these great long track records weren't repeating.

And my clients were losing money anywhere from 3% to 5% a year, sometimes even worse, trying to chase the track record of these managers.

And I attended a workshop in San Francisco, a debate between Rex Singfeld and a guy named Donald Yachman, who was one of the top money managers at the time.

And the debate was, look, our market's

So inefficient that beautiful, brave, smart people can consistently beat it?

Or is the market relatively efficient such that only random and unpredictable people beat the market and then they don't repeat their performance going forward?

And that explained to a large degree why this whole thing of stock picking, market timing, and track record investing wasn't working for my clients.

Yeah.

Number one is that understanding that markets are efficient.

All the knowable and predictable information is factored into the price today.