I don't think this is true any more. If you buy and hold index ETFs you'll outperform the majority of professional investors due to the very low expense ratios

I don't think this is true any more. If you buy and hold index ETFs you'll outperform the majority of professional investors due to the very low expense ratios. Some people with lots of influence like Warren Buffett or David Swensen @ Yale have access to slightly better risk-reward adjusted opportunities but that's a very small group of folks. Even Warren Buffett has instructed his estate to keep its assets in SPY the S&P 500 index fund after his death. Every time you hear about wealthy people earning a huge return on an investment just remind yourself that risk-reward is baked into almost everything in the markets and what you're not seeing is the many other investors who chased similar investments but lost.