The professors did find evidence that most investors learn as they age.
An investor can learn these things by talking to the fund company and reading shareholder reports.
This week, American investors learned about the floating peso from news reports.
"It's a wonderful tool that any investor can learn to use to their profit."
Since the 1930's, investors have learned how to use balance sheets and profits to value companies.
Some investors may not have learned about the higher offer until after they had mailed in their proxies.
But the investors are learning that becoming more visible has its price.
That game, as investors are learning to their extreme distress, is definitely over.
Even individual investors, who once looked on a falling market as a time to rush for the exits, learned from the crash.
That is much more than what an ordinary investor can learn about nearly any other fund.