They're both part of the same story: that individual investors are bad at this, and professional managers aren't any good at it either. Fair point though, that

They're both part of the same story: that individual investors are bad at this, and professional managers aren't any good at it either. Fair point though, that was definitely a conceptual leap of some distance there between the two. The skill vs. luck argument is actually better investigated by looking at a separate data set: that of the persistence of performance over time for the same manager. We'll do a story about that sometime in the future.