> Not surprising considering a monkey throwing darts at the S&P 500 will outperform the best analysts in the world.
The best analysts/managers in the world are pulling consistent 30-50% returns over the past 20-30 years. See Citadel hedge fund for example (and not the HFT Citadel Securities).
The problem is, these “profits” are taken by the analysts and managers by way of incentive and performance fees, thus leaving the passive investor/LP with barely break-even risk adjusted returns.