No Silver Bullets in Investing (Just Old Snake Oil
in New Bottles)

Abstract

Modern day investment management seems to closely resemble ancient alchemy. The latter promised to turn lead into gold, whereas the former keeps promising to turn low returns into high returns. However, many of the so-called financial innovations turn out to be little more than old snake oil repackaged into new bottles. They obfuscate their true nature and tempt investors to forget the golden rule of investing: No asset (or strategy) is so good that you should invest irrespective of the price paid.