(Bloomberg View) -- Why did Pimco recently lose its crown as the world’s largest bond mutual fund to Vanguard’s Total Bond Market index fund? The answer might be very deep. 

Financial economists -- and many pundits -- are always telling you that you can’t beat the market. Any time you think you know something the market doesn’t, you’re wrong and the market is right. This is loosely known as the Efficient Markets Hypothesis. This hypothesis also extends to professional money managers and to your ability to pick a money manager who will outperform. Any anomalies will be random. 

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