>- aggregate benchmark means some average of predictions from wall street investors, which is not the "state of the art" to beat, you should beat the best perfo

>- aggregate benchmark means some average of predictions from wall street investors, which is not the "state of the art" to beat, you should beat the best performing funds. They're not beating funds, they're more accurately predicting company earnings than 'Wall Street analysts' -- people who work for investment banks and write stock notes for clients, not people who actually invest. And the experiment assumes that the job of an analyst is to accurately predict earnings, which is frequently not the case -- analysts often lowball their estimates so that the companies they follow can 'beat and raise'.