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Do those things as an analyst that you know you can do well, and only those things. If you can really beat the market by charts, by astrology, or by some rare and valuable gift of your own, then that's the row you could hoe. If you're really good at picking stocks most likely to succeed in the next 12 months, base your work on that endeavor. If you can foretell the next important development in the economy, or in technology, or in consumer's preference, and gauge its consequences for various equity values, then concentrate on that particular activity. But in each case you must prove to yourself by honest, no-bluffing self-examination and by continuous testing of performance, that you have what it takes to produce worthwhile results.

Had a DFA rep once tell me that Peter Lynch wasn't an example of alpha cause you could reproduced his returns via various DFA funds - made me laugh.

Above quote from Benjamin Graham

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to be clear, I do get the point of your post, but reality has a megaphone....theory always a whimper.
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