Mind naming a few? I'm unfamiliar with any firms that consistently can beat the S&P 500, much less for 20+ consecutive years. This could, of course, be called "luck". Given the number of investors, some will inevitably beat the index. The point is that it's impossible to predict, ahead of time, who that will be.
> I agree with advice advocating index funds for beginners, but it's not fair to an individual's potential aspirations to claim that active trading is simply ineffective. It's extremely difficult, but that's wildly different from being ineffective.
Again, even amongst professional investors, who have decades of experience, and spend 80+ hours per week doing this, very few are able to consistently beat the index.
