If you want to make money, watch what the professional fund managers are doing—and then do the opposite.

We assume that the experts who manage billions in 'funds of funds' have a secret edge. This study of Brazilian funds shows the opposite: when these professionals start pouring money into a fund, its future performance actually drops. Their 'buying behavior' is a contrarian signal; by the time the 'smart money' arrives, the opportunity is usually already priced in or gone. This suggests that professional expertise can be a 'herd' behavior that actually destroys value. For the average investor, it means the 'experts' are often the last ones to know the party is over.