I mean, 90% of large cap investors have underperformed the sp500. It's not about optimal returns, it's about diversification and portfolio risk. The Saudi's want some of their money in things that aren't correlated with oil, and pretty much everything in the physical word is. Technology is one of the few things that may even be inversely correlated.
https://www.cnbc.com/2020/09/18/stock-picking-has-a-terrible...