Barry Ritholtz lays bare the myth…

Deep down inside, you already know this: There ain’t no such thing as a free lunch, financially or otherwise.

Of so many free lunches, this is the hard truth:

• You are not going to win the lottery.
• Hot stock tips are worthless (the only exceptions are those especially costly tips that will get you sent to federal prison).
• You are not going to buy an iPad from one of those deal sites for $3.
• No, you are not likely to buy in early to the next Apple or Netflix, and if you do, you are unlikely to hold it long enough.
• No, you are not going to make $10,000 gambling at fantasy sports.
• You (or your kid) are not going to be the next Michael Jordan or Adele.
• The odds are radically against you finding the mutual fund manager or stock broker who is going to make you fabulously rich.
• Indeed, the odds are against you stock picking, market timing or investing in a venture fund, private equity fund or hedge fund that, over the long haul, is going to outperform a simple index fund.

Source: BR