An interesting corollary to outperforming the market long term being difficult is that underperforming the market (ignoring transaction costs) is also difficult

An interesting corollary to outperforming the market long term being difficult is that underperforming the market (ignoring transaction costs) is also difficult. If you could consistently pick bad stocks then buying everything else would outperform the market. So sophisticated on its own doesn’t imply consistently outperforming the market. It does imply variance and thus windows where they will outperform the market even if they preform poorly long term.