You’re correct in that people with good returns usually hit a few home runs over the decades and the rest is just beta. That isn’t the point, though. The point

You’re correct in that people with good returns usually hit a few home runs over the decades and the rest is just beta. That isn’t the point, though. The point is you have to be able to let the home run ride or cut when it obviously isn’t and that is hard - it’s literally the whole ‘running money’ business and unless you’re in it, you are at a disadvantage.