My comments are always intended to benefit MOST individuals and institutions; not ALL institutions and individuals. I acknowledge that some people can beat the market in the long term, but it is far rarer than people think. You may be one of those rare individuals, but there are a lot of people who have thought the same thing only to be disappointed over the passage of several decades. My walls are lined with quotes from the sharpest minds in financial history. People like William Sharpe, Ben Graham, Warren Buffett, David Swensen, Charley Ellis, and many others. They all reached the same conclusion. The vast majority of institutional and individual investors can expect better outcomes in the long-term by investing exclusively in low-cost index funds.