Skill and Luck

Individual investors are beating the market at an unprecedented rate. I don’t have any evidence to support this bold claim. I just know it to be true.

The most widely held stock of the last decade is Apple, and it’s not even close. Again, I don’t have data on this, but I see a lot of client accounts, and if they hold individual stocks, it’s rare not to see this name.

Over the last 5 years, Apple…

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