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Well, the good news is that management costs and commissions for direct owners of equities are very much lower than they were back then.
A guy with a monkey and a dartboard can get far closer to the rate of the aggregate market returns than he/she could back then, even if trading from time to time.

Of course, he does identify the most important metric: ROE.
If the monkey's dart board contains only the high ROE firms, the portfolio does a lot better.
Even among the too-picked-over S&P 500 set, the top 50 ranked by ROE beat the bottom 50, by 3%/year in the last third of a century, assuming 1 year holds.
Outside that set, the difference is even bigger. Among the next 1000 smaller, the gap is 4.75%/year.

Fun strategy: Each month, buy the three highest-ROE firms among that "second 1000 in size", and hold for a year.
Some will be overleveraged garbage, but you end up with a pretty diversified portfolio of 36 high-ROE firms at all times.
After [modern era] trading costs estimated at 0.4% round trip, that would have beat the S&P 500 total return by 3.3%/year over 33 years.

These days the trading costs are pretty immaterial for all but the most active (and therefore usually dumb) strategies.
What really matters in choosing one's length of hold is the tax treatment of the account.

Jim
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