I think you also have to define "the index". There are dozens of indexes on the NYSE alone, and many come with legitimate questions about how well they actuall

I think you also have to define "the index". There are dozens of indexes on the NYSE alone, and many come with legitimate questions about how well they actually represent the market. In that sense, I think it is possible to choose (and not luck into) a better basket of stocks than what goes into the indexes. Of course, it isn't easy.