Point #4 - Page 57
https://i.imgur.com/6qFASSx.jpg
I find the most important part is the next paragraph that specifically says the frequent Wall Street traders 'beat themselves'. They lose money, which should be a fundamental question people need to ask when they put their $ to a fund manager that practices the same active management of their portfolios.
I have nothing against doing speculation trades if the individual is taking on the risk alone. But to use 'other people's money' well, that's a horse of a different colour. The so called experts claim they know how to beat the market, but for the mass majority, the produce less returns for their investors.