For plausible definitions of "average investor" in this context, it's arithmetically impossible: https://web.stanford.edu/~wfsharpe/art/active/active.htm https:

For plausible definitions of "average investor" in this context, it's arithmetically impossible: https://web.stanford.edu/~wfsharpe/art/active/active.htm https://web.stanford.edu/~wfsharpe/art/active/active.htm