> “I can’t believe that the great mass of investors are going to be satisfied with an ultimate goal of just achieving average returns.” Ah, instead he believes

> “I can’t believe that the great mass of investors are going to be satisfied with an ultimate goal of just achieving average returns.” Ah, instead he believes he can talk "the vast majority of investors" into believing that they can significantly beat "average returns"? Hmm. Maybe in Lake Wobegon. IIRC the index fund idea, W. Sharpe's work, etc. DOES need stock pickers also doing their best. Or, for anything with any promise in public a stock market, there has to be some smarts in there someplace. The reason throwing darts works so well is because of the stock pickers with the smarts working hard to buy the winners and sell the losers.