Just wait until the next stock market meltdown. Then you’ll see the value of a seasoned stock picker.
That was the refrain from equity hedge fund managers between the 2008 financial crisis and the arrival of Covid-19, the second-longest stretch without a bear market on record. The S&P 500 Index quintupled in value during that period, and stock pickers struggled to keep up, particularly long-short hedge funds that simultaneously bet on some stocks (long) and against others (short). When a rising market lifts all stocks, long-short managers have little hope of winning.