Beating indices in a correlated bull market isn't the same thing as making money consistently. The contrapositive of your argument is that anyone who is holdin

Beating indices in a correlated bull market isn't the same thing as making money consistently. The contrapositive of your argument is that anyone who is holding cash outperformed the S&P today. Though true, it sounds silly to say that someone who goes about his day with a $100 in his wallet is outperforming the market, no? In a disperse market, single stocks chosen correctly will outperform the index. In a correlated bull market, the index will outperform. We are not exactly in a bull market right now.