> I’m saying someone pursuing that portfolio will probably end up underperforming an index.
This holds if you consider "underperforming" to be a comparison of expected values.
On the other hand, if you consider "probability of getting a really huge payoff" to be the measure by which the investments are compared, the index fund is the one that looses in the comparison.
This holds if you consider "underperforming" to be a comparison of expected values.
On the other hand, if you consider "probability of getting a really huge payoff" to be the measure by which the investments are compared, the index fund is the one that looses in the comparison.