FYI: One of the reasons it’s so difficult to outperform the market is because so many individual stocks themselves underperform the market. It’s not a symmetrical distribution where half the stocks outperform and half underperform.
A few years ago Michael Cembalest at JP Morgan performed an extensive study on the Russell 3000 Index, which is a good proxy for the overall U.S. stock market. He found:
Regards,
Ted A.K.A. Night Owl
https://awealthofcommonsense.com/2019/03/how-often-is-it-a-stock-pickers-market/
