That's not entirely the nuance of Warren Buffet's argument though. His argument is that the stock pickers have the deck stacked against them on total returns to

That's not entirely the nuance of Warren Buffet's argument though. His argument is that the stock pickers have the deck stacked against them on total returns to the investor due to high fees. So maybe they do actually do better than average, but that it's likely not "2 and 20" better.