I assumed that's what _you_ are doing since you proclaim to be a Boglehead :-) I'm saying that the GPs claim is only hard to believe as a Boglehead if you know

I assumed that's what _you_ are doing since you proclaim to be a Boglehead :-) I'm saying that the GPs claim is only hard to believe as a Boglehead if you know they're invested in index funds in their retirement account. But 401(k)s are notorious for not having access to those. Saying that your brokerage account substantially outperforms your retirement account is perfectly compatible with a Boglehead perspective: all that means is that your brokerage account holds SCHB and your retirement account holds some infernal actively managed trash from Voya or whatever. There's a clear broken incentive there: a 401(k) manager with a sibling advisory firm will happily be the loss leader on giving companies 401(k)s for free because they'll make up for it in management fees. This is strictly bad for employees, who rarely have the knowledge to differentiate between 401(k) plans and even more rarely have the agency to do anything about it.