Like I said, run through a basic risk parity strategy holding SPY and an uncorrelated ETF. Calculate the beta, volatility and return over 10 - 20 years. It does

Like I said, run through a basic risk parity strategy holding SPY and an uncorrelated ETF. Calculate the beta, volatility and return over 10 - 20 years. It does beat the market continuously on a risk adjusted basis. With leverage it also beats on total returns with lower volatility and beta. Beating the market is not mysterious, it's just difficult to do it by a lot or at scale. Just because well performing portfolios are well known doesn't mean they cease being effective in principle, the way you seem to think would happen. These days a risk parity portfolio isn't enough to solicit funds from savvy investors because it's well known and they won't pay management/performance fees if that's all you're offering. But it's been a staple since Dalio developed it 30 years ago for good reason. You can find code for running through the kinds of things I'm talking about, as well as more in-depth discussion here: https://qoppac.blogspot.com https://qoppac.blogspot.com.