Carl Richards offers that encouraging word in a blog entry entitled “What If Markets Aren’t Free.”
Juicy Excerpt: If traditional buy and hold investing is a bet on the concept of free market capitalism, what if the current version is not quite as free as the model assumed it would be?
I blame the humans (at least those human that comprise The Stock-Selling Industry):
Juicy Excerpt: Markets have an inclination to be free. Markets want to be efficient. But this freedom and this efficiency does not happen automatically. The humans have to work at it to make it happen. The popularity of Passive Investing has ruined everything. When people come to believe that the markets are automatically free and efficient, they stop doing what they must do to make them free and efficient in the real world. The more that people come to believe that markets are efficient, the less efficient markets are.