Yes, there are savvy individual investors. I am trying to dissect why a normal retail investor lags an index. Mostly it is either or all of the three reason that I listed. That is, they either they do not allocate well or they sell too early or they sell too late. Index has no such bias. It is mechanical as it is based on formulas with no motion. Even the best of investors wont be without biases and some level of emotional connect. Where best investors consistently beat index is only because they have better universe of stock than index. Which is the ranking problem that I described.
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