At the time of the (Sohn C)onference, Heard on the Street columnists took on the stock pickers by throwing darts to create a portfolio of 10 stocks to go up against the 12 stocks picked by the Sohn speakers. Three months later, the darts have prevailed. The Heard team’s 10 picks, eight long and two short, have returned 7.23% on average. The combined performance of 12 picks by Sohn attendees has been slightly negative, lagging behind the S&P 500 by more than 6 percentage points.My dad could beat them all and did almost every year, but he put an enormous amount of time and energy into investing. He would follow a stock for over a year before buying. He had an MBA from Harvard and there were specific characteristics he sought, mostly found by pouring over their financial documents.
Me, I don't want to spend the time on it. There's at least one article like this every year that shows experts losing to random pickers or the S&P 500. Sometimes, you get investment companies that can beat the S&P 500 for a few years and they try to make hay with that, but in the long run, I think the S&P 500 can't be beat.