> How many hedge funds are there? A few thousand? How many beat the s&p?
The average index fund fails to outperform the S&P.
How many passive index funds are there worldwide? Thousands? How many beat VTI or S&P500? Answer: QQQ and small cap.
> Of those how much can be attributed statistically to skill rather than luck?
If you are picking S&P as your champion, then I am allowed to pick a hedge fund as my champion.
And Citadel outperforms S&P over 20+ year horizon. Citadel 19% vs S&P 10%.