Mike

She lashed them at the board and the resulting portfolio that she picked it basically with ballistics returned 213% in the year.

And Raven finished as the 22nd most

The 22nd most successful money manager, the 22nd most successful money manager in the United States that year.

And she later appeared as the most successful chimpanzee investor in Wall Street history, which is hardly surprising.

Well, what I do know is that the ones she had before, like everyone who had performed her had Bloomberg terminals and teams.

And MBAs from the top universities.

There was a really funny photograph floating around the internet in the late 90s of her.

And they kind of, I thought, wasn't very culturally appropriate.

They had her dressed as what would be historically described as a man with braces and the whole kind of, you know, City of London getup.

Yes, and the cigar and all that.

So it was all very confused.

But it's actually hilarious because she did manage to outdo so many professional money managers, albeit in very unusual conditions.

And the question of what institutional investors are actually adding

at that time became really pointed because this dartboard it turns out didn't charge a 2 and 20 management fee either the traditional funds under management where you pay two percent per annum and 20 of the upside so good old raven she was quite the meme at the time i don't even know if the word meme existed but my first quirky story is of raven the chimp that beat wall street

Do you know, there's a deeper lesson in it that you can intellectualize a pursuit that has a chaotic outcome.

And I'm talking about chaos and from a mathematical perspective, which is the further you go out, the less predictable it becomes.

And the stock market is like a weather system, except it's the inverse.

The further you go out, the more predictable it becomes.

You can say with a moderate degree of certainty that the S&P 500 will return something like 10% per year if you invest for 20 years, but you can't really say what it's going to do at 4 o'clock today.

no more than you can say what it's going to do tomorrow.