As a consequence of the low level of financial literacy, most of the money goes to asset managers who have historically obtained weak results. For example, in Spain 5 big financial companies control more than 50% of the money invested in mutual funds. Nevertheless, their average returns for the period from 2000 to 2015 were less than half of the index.
These arguments are used to discredit anyone trying to achieve superior returns. From Vadevalor, we see this is an inefficiency which will allow a small group of disciplined asset managers to outperform the rest by a wide margin.