Why small money can beat fast money

I have never liked the expression “smart money”. It is demeaning to individual investors and used by the finance industry to imply they are smart and the rest of you are by implication “dumb”. There are only a few “smart money” activities, inaccessible to the mortal investor. They include:

• Access to IPOs, share issues, placements. Being given larger allocations of hot new issues is something only the big institutions get, and they get it because the brokers controlling the issue want to suck up to them to get their secondary market business.

• Inside information. There is