State your point clearly.
#3 has nothing to do with what Ritholz was talking about, and doesn't contradict it in any way.
Ritholtz finishes up with: "The second is that if you’re aiming for outperformance, make sure you win big early
Is that within anyone's control? If it were, why would the same person not win big consistently?
I guess my problem is with Ritholtz calling this a lesson, as if it is something that can be learned and replicated.
It might be a lesson for hedge fund managers, that if they didn't win big early, they should close shop, but where's the lesson for the retail investor?