As an economics undergraduate, I also worked on a part-time basis in Cambridge, Massachusetts, for a company that was advising customers about portfolio decisions, writing reports.
Of course. I favor passive investing for most investors, because markets are amazingly successful devices for incorporating information into stock prices.
So everybody has some information. The function of the markets is to aggregate that information, evaluate it, and get it incorporated into prices.
Everyone recognizes that's a joke because obviously the number and shape of the pieces doesn't affect the size of the pizza. And similarly, the stocks, bonds, warrants, etc., issued don't affect the aggregate value of the firm.
I should mention that I am a member of the board of directors of Dimensional Fund Advisors.