Part of how returns to capital work is taking on risk and then hedging. Without significant cash (for hedged investments) or control (take care of that risk by

Part of how returns to capital work is taking on risk and then hedging. Without significant cash (for hedged investments) or control (take care of that risk by dealing with it) taking on a lot of risk is just going to the casino. That’s why index funds work for casual investors and stock picking doesn’t.