I would say, each investor is different, each one’s story and path are different, and while not necessarily called as an edge, one can have something like experience, temperament or wisdom which can lead to better outcomes as opposed to the outcomes without them. And if one is doing is by himself, I don’t think he would compare his returns with anyone or any fund, unless he’s losing interest or when time becomes scarce. Many ways to skin the cat, and we all use different tools to do that.
As with the multitude of indices that are created, I think the real time returns of these indices are to be considered and not the base date.
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