I believe what’s missing from the recent analyses of beta/index investing is that alpha continues to lag when in theory stock pickers should be able to find mor

I believe what’s missing from the recent analyses of beta/index investing is that alpha continues to lag when in theory stock pickers should be able to find more mispriced assets. Although volatility around earnings (which serve as valuation reset) has generally increased. Unprecedented bull market and 3/4 of investable wealth now pooling into passives funds simply cannot be overcome. What it does provide is significantly asymmetrical opportunities shorting single stocks.