> There is ample evidence that individual investors can and do generate abnormal returns. I actually agree with this. But didn't want to put it in, because so

> There is ample evidence that individual investors can and do generate abnormal returns. I actually agree with this. But didn't want to put it in, because so many people hear this qualification and just assume it means they can be the next /u/deepfuckingvalue. To put it in the larger framework, I would say individuals can win in opportunities that are too awkward for institutions. Like patiently holding beaten down value stocks. But there's two caveats. One, is that most times this style of investing is painful, with long periods of underperformance. Two is that the outperformance is reasonably capped. Maybe an extra two or three percent a year. It's not going to catapult you to /u/deepfuckingvalue levels. For large enough opportunities, the institutions will swallow the awkwardness. That only leaves small rewards for a lot of pain. Thanks. I do appreciate you bringing this point up.