Indexing is a superior strategy because it allows investors to capture market gains without needing to identify the few successful companies that generate most returns.

“That's kind of the point of indexing, in fact, is that you you don't have to pick the winners and the losers. You don't have to own, you know, there was a famous study that came out a few years ago that said that 4% of all corporations generated the vast majority of all the gains over the last 150 y”