Gary Zhou ยท Straight TalkNotes from inside an AI-native investment office on what analysis no longer buys you, and what still has to be earned.https://garyzhou.net/The funds made 9.89% a year. Their investors kept 8.74%.https://garyzhou.net/notes/2026-11-03-analysis-scales/https://garyzhou.net/notes/2026-11-03-analysis-scales/Morningstar's Mind the Gap 2026: US funds returned 9.89% a year over ten years, the average dollar in them earned 8.74%, both after fees. The funds weren't the problem. The timing of money in and out was.Tue, 03 Nov 2026 00:00:00 GMT