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Considering the number of individual investors who fail to outperform the market there has to be more to it than work. If they are just "dumb money" or not willing to put in the work, it still doesn't explain the vast majority of institutional investors that fail to beat the S&P 500 as well.

I don't think it's just a matter of "I want to beat the S&P 500, I will work." and having it happen. There has to be more to it than that. Because if that were the case more people would be beating the S&P 500 I believe.

Yes, 12x, you are absolutely correct. One has to learn how to analyze companies, how to manage one's actions in response to one's emotions, how to avoid the pitfalls in the behaviors that innate to humans. If one is starting from scratch in own's knowledge this probably seems overwhelming. Even so called professionals don't beat the market. The fact that Saul has managed to average more than 25% average returns for almost 3 decades.

I suppose that in my previous post I assumed that most people can easily beat the S&P500 if they just apply themselves. The average person probably can't do that because they wouldn't know where to start and the hurdles are too great to even get them started. In fact, they wouldn't even really know what the hurdles are. On top of that, without much most people wouldn't know if what they are learning is helpful or hurtful. Saul and this board is a real gift since it can show people a method that can work.

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