"The person who says it can't be done should not interrupt the person doing it."
One of the more enduring criticisms of this blog has concerned the active management of my investments. There has always been no shortage of people telling me I'm a complete idiot for failing to passively index everything. Over the years, I never responded to any of these critiques. In a way, they rather amused me, as I'm nearly certain that I've read far more EMH literature than all my negative commenters combined. I know very well what efficiency is and what it is not. But still, throughout life we always find an unlimited supply of novices that are so eager to shower us with advice.
So as this blog begins to wind down, perhaps I would like to respond just this one time. They say a picture is worth a thousand words. Five year trailing annualized...