Steve Hou(@stevehou):This isn’t a stock picker’s market. If you just sat in the passive market index, you did fine/well. Stock pickers, who spent lots of time analyzing the stocks they picked, are understandably upset that all that analysis was for naught and doing nothing won. Isn’t that efficiency?

Steve Hou

@stevehou

Head of Research @silicondata. @UMICH/@ETH_en/@UVA alum. Perpetually curious, but also "incredibly unsophisticated" (according to Chamath Palihapitiya)

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Steve Hou@stevehou

2026.10.13 11:22

This isn’t a stock picker’s market. If you just sat in the passive market index, you did fine/well. Stock pickers, who spent lots of time analyzing the stocks they picked, are understandably upset that all that analysis was for naught and doing nothing won. Isn’t that efficiency?