"I agree there's a change of wealth normally - but, it isn't from less smart to more savvy or patient
it's from less powerful to powerful
it's called abuse of power"
Consider a prudent, patient and disciplined value investor who has been of the view for the past 12-18 months that equities are overvalued, and has been managing his or her capital accordingly such that he/she is in a position today to be able to buy shares from other distressed sellers at lower prices than prevailed before.
How is that prudent, patient and disciplined investor abusing his or her power?
