Just because someone ends up underperforming the market doesn't mean they didn't have any insights. It might just mean that after doing something right, they d

Just because someone ends up underperforming the market doesn't mean they didn't have any insights. It might just mean that after doing something right, they did something wrong that more than cancelled it out. This is why it's hard to learn from experience. For instance, right now, a lot of people may not understand the implications of inflation and sharply rising interest rates. Because people who were adults in the 70s are old and irrelevant, or deceased.