When it comes to investing in the stock market, investors have plenty of options:

They can do it themselves. Trillions of dollars are invested this way. (Of course, the only problem here is that most people have no idea how to analyze and choose individual stocks. Wait, did I say the only problem? I really meant most investors have no idea how to construct a stock portfolio, most have no idea when to buy and sell, and most have no idea how much to invest in the market in the first place. Okay, that’s better.)

They can give it to professionals to invest. Trillions of dollars are invested this way. (Though, after fees and other institutional impediments, most don’t add value. In fact, most professionals actually underperform the market averages over time. Oh, I almost forgot—it may be even harder to pick good professional managers than it is to pick good individual stocks.)

在投资股市方面，投资者有很多选择：他们可以自己做。数以万亿美元计的资金是这样投资的。（当然，这里唯一的问题是，大多数人不知道如何分析和选择个股。等等，我是不是说了唯一的问题？我的意思是说，大多数投资者不知道如何构建一个股票投资组合，大多数人不知道何时买入和卖出，大多数投资者一开始也不知道要在市场上投资多少。好吧，这样更好。）

他们可以把它交给专业人士投资。数以万亿美元计的资金是这样投资的。（不过，除去收费和其他制度性障碍，大多数都没有增值。事实上，随着时间的推移，大多数专业人士的表现都低于市场平均水平。噢，我差点忘了，挑选优秀的职业经理人可能比挑选优秀的个股更难。）