Good video. I would add that there is more dishonesty than Malkiel admits. He is too much of a nice guy to admit it. Many know that over the long run, given the fees they charge, their portfolios are not going to come out ahead.I would phrase it in terms of arrogance. There are a lot of people who don't just think they are better than average, they in fact think they are smarter than the rest of the world. And, if their bottom line is making a big income despite mediocre to subpar performance then I guess they feel they are right.