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Welcome back everyone. 
This is a video that I've had 

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planned for a while. 
It's a subject on my mind that 

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I've wanted to talk about and 
I'm finally here addressing it. 

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And that is the idea that you 
can't beat the market. 

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I'm sure you've been told that a
time or two since you started 

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investing. 
Every investor's told that by 

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many people. 
There's a lot of people out 

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there, media outlets, money 
managers, different people that 

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are Bogle heads, a whole segment
of the market that has convinced

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themselves and they're trying to
convince others that it is 

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virtually impossible to beat the
market. 

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And by the market they mean the 
S&P 500. 

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Their claim is that as an 
individual investor, if you're 

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picking out individual companies
creating your own portfolio, you

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really can't outperform the S&P 
500. 

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If you do outperform it for a 
month or a year or two years, 

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well, you basically got lucky. 
Or you took on a lot more risk 

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and you just simply got lucky. 
And the people that have beat 

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the market, the outliers, the 
pros, people like, well, Warren 

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Buffett, they were just super 
lucky. 

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They're one in a million, 
they're one-of-a-kind. 

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And you're not Warren Buffett. 
So don't even try to be Warren 

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Buffett. 
Don't try to pick individual 

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stocks. 
Their advice is to always buy 

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low cost index funds. 
That's the responsible thing to 

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do. 
Since you don't know what stock 

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is going up or down, you better 
just diversify and buy a little 

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bit of everything. 
Buy a little bit of hundreds and

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hundreds of different companies,
and over time that will do 

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better being average than 
investing in individual 

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companies. 
Because at the end of the day, 

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if you buy individual companies,
you're basically gambling. 

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You don't have the skills, you 
don't have the ability to tell 

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what direction a stock is going.
That's the argument they make. 

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Now don't get me wrong, I like 
ETS and I think they're a great 

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solution for the majority of 
people, especially those that 

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aren't interested in investing 
or doing individual analysis. 

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But what I reject is their 
notion, their idea that 

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investing in individual 
companies is akin to gambling, 

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that nobody can realistically 
outperform the market, and the 

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idea that if you do so, you're 
simply just lucky. 

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That paints a very grim picture 
for individual investors. 

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And I think it's wrong. 
I think it's an inaccurate 

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picture. 
What I'm going to present in 

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this video is a different side 
of things, one that shows a lot 

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more opportunity, a lot more 
capability for individual 

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investors to outperform. 
So what I'm going to do is 

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address some of the biggest 
arguments they have that try to 

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discourage people from picking 
individual stocks. 

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One of the biggest arguments 
that they use to discourage 

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individual investing is the idea
or concept that only a couple 

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companies are responsible for 
the majority of returns in the 

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stock market. 
And unless you pick those few 

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companies by either skill or 
luck, you're going to be left 

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behind. 
I'm sure you've heard this 

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before, the idea that only a few
companies are responsible for 

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nearly all of the returns. 
This is something that's not 

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new. 
It's been told over and over 

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again. 
Let's go ahead and even look at 

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an article here. 
The seven companies driving the 

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US stock market rally. 
Now pay attention to that. 

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There's only seven companies 
that are driving this market 

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rally. 
Now. 

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If we look at the article, we 
have the seven companies right 

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here. 
It is of course, the Magnificent

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7. 
They make up a good chunk of the

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stock market, but they're 
driving the overall returns of 

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the S&P 500. 
And this is what we're told as 

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individual investors time and 
time again, only a tiny few 

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companies are responsible for 
all the returns. 

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So what are the odds we have of 
picking out those few companies?

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It seems impossible. 
Seems like a daunting task. 

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Do we really have the skills to 
select only a handful of 

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companies that are going to 
outperform? 

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The odds are that we're going to
select some of the other 493 

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companies we're going to 
underperform. 

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Looking at this is extremely 
discouraging. 

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As an investor, you can come 
away with the belief that these 

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493 companies are basically 
duds. 

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They're underperforming and you 
have to have selected only a few

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companies. 
And they even go further with 

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this. 
They give analogies like 

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investing in individual 
companies is like trying to find

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a needle in a haystack. 
So you have a giant stack of hay

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and you're trying to find a tiny
needle, the one company that 

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will outperform the market, a 
virtually impossible task. 

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But buying the index is like 
buying the entire haystack. 

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That way you are guaranteed to 
have the needle in it. 

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That's the analogy they give. 
Well, what if I had to say that 

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this entire concept and this 
analogy of finding a needle in 

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the haystack is entirely false? 
You've been fed a falsehood by 

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the media, by different 
companies, by money managers. 

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When you're investing in 
individual companies, you're not

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trying to find some special 
needle in a haystack. 

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Let's go ahead and take a look 
at the actual data here. 

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First of all, we can start with 
just this year. 

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We'll look at the S&P 500's 
performance this year. 

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You'll notice that year to date 
it's up 19.45%. 

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So that is the market's 
performance. 

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This is the haystack's 
performance. 

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Let's go ahead and take a look 
at the needles in this haystack.

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Right here we have the S&P 500 
component returns year to date. 

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So this is a breakdown of every 
individual stock within the 

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index and their individual 
returns year to date. 

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Let's go ahead and take a look 
here. 

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We have NVIDIA Corp with a 230% 
performance. 

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Did that beat 19%? 
Yes, it did. 

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So we have one that beat the S&P
500. 

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This is 1 needle in the 
haystack. 

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Then we have meta platforms with
178%. 

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That's another needle. 
We have Accenture 149%. 

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This one is another needle. 
So, so far, we have 3 needles 

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that have not just beat the 
index, they've gone up, you 

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know, double, triple, quadruple,
quintuple over the index. 

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These are massive outperformers.
They've gone up in orders of 

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magnitude over the index. 
We have Royal Caribbean, the 

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cruise line. 
That one's another needle. 

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We have Polt Group, 93% return 
so far this year, yet another 

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needle. 
We have 92% returns with Palo 

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Alto Network. 
Tesla, that's yet another needle

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that's outperformed the haystack
this year, 91%. 

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So, so far we have 7-7 different
needles that have outperformed 

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the overall haystack, but we 
have 500 companies total. 

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So this is still a very small 
percentage, but we keep going. 

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We have AMD which is 
outperformed 89% this year, 

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Adobe up 84%, Carnival Cruise 
Line up 81%, Vera Isaac up 80%, 

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Arista Networks up 80%, Amazon 
up 75%, ServiceNow up 72 on and 

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on and on. 
We're at Company #15 now at #15 

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we have Lamb Research Corp, 
which is up 71% year to date. 

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This is company #1515 needles 
that have outperformed that 

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haystack, 15 companies out of 
the S&P 500 that have crushed 

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the overall S&P 500 returns. 
Now again, we go back to the 

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article here, the seven 
companies that are driving the 

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US stock market rally. 
So they say there's seven 

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companies driving the overall 
rally, giving you the impression

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that unless you buy those 
companies, you've 

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underperformed. 
So that's clearly not the case 

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right here. 
We have the actual percentages, 

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the actual data. 
The market's up 19%, Company #15

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is up 71%, but we can keep 
going. 

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We have Synopsis, Broadcom, 
Salesforce, Cadence, Copart, 

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Intel, Netflix, Eli Lilly, 
Chipotle, Microsoft Alphabet, 

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Booking, holding all above 50% 
returns this year. 

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All 27 of these companies have 
doubled the market returns. 

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And I don't want to sound like a
broken record, but this 

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continues on. 
We go down the list, company 30 

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up to 35, up to 40. 
We're still at 47% returns with 

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up to 40 companies. 
Now all of a sudden it's not 

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seven companies that have 
outperformed the market, it's 40

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companies that have outperformed
the market to a huge extent. 

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They've over doubled the returns
of the S&P 500. 

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We continue on FedEx, Apple, 
NRG, we have Intuit, Blackstone,

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General Electric, Oracle, 
Pentair, 40% returns and above 

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for all of these companies. 
This year we're up to Company 

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#50. 
We continue down the list. 

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We get to Company 60, We're 
still above the S&P 500 returns.

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We get the Company 70 still 
above the S&P 500 returns, up to

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80, still above 9100 companies, 
and we're still above the S&P 

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500 returns year to date, which 
is 19.45%. 

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Investors could have picked any 
of these companies, all 100 of 

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them, this year, and they would 
have dramatically outperformed 

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the S&P 500. 
We go down to 110. 

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We still outperformed. 
We have companies like S&P 

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Global Live Nation, Motorola 
Republic Service, lots more 

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stocks that have outperformed 
the market. 

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We get up to company 120 and 
we're still above the S&P 500. 

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Now remember, the S&P 500 
returns year to date is 19.45%, 

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meaning that right now, as of 
today, there are exactly 129 

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individual stocks in the S&P 500
that have outperformed it year 

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to date. 129. 
All right, so we have 129 

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companies that have outperformed
the index. 

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That means that roughly 25% of 
the stocks in the S&P 500 have 

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outperformed the S&P 501 and 
four. 

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Now that seems a lot less 
intimidating, doesn't it? 

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I mean, come on, I don't have 
the confidence to select a 

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needle in a haystack. 
Trying to find a needle in a 

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haystack seems incredibly 
intimidating and near 

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impossible. 
And if that was the case, they 

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would be right. 
It would be virtually 

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impossible. 
But that's not the case. 25% of 

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the companies in the S&P 500 
have outperformed the index this

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year year to date. 
So selecting the stock is not 

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akin to finding a needle in a 
haystack. 

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It's akin to finding a needle 
amongst three other strands of 

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hay. 
That is what the stats show this

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year. 
Now, we've looked at this year 

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alone, and you might make the 
argument that this year is 

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special or unique, and typically
it's more difficult for 

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individual stock pickers. 
You'd be wrong again. 

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In fact, 2023 was an unusually 
difficult year for stock 

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pickers, far more difficult than
most years in the market for 

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individual stock pickers. 
Let's take a look at the data. 

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Here's a table by year that 
shows the percentage of stocks 

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outperforming the S&P 500 index.
So the percentage of stocks in 

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the index that have outperformed
the overall index. 

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In 2023 it was only one, 4th, 
25%. 

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In 20/22 it was 57%. 
The majority of stocks in the 

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index outperformed the index 
because the biggest weighted 

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ones, companies like Tesla, Big 
Tech actually underperformed. 

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So investing in basically any 
other company, in fact, over 

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half of the stocks in the index,
you outperform the index. 

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In 20/21, it was 48%. 
In 2020 it was 30%. 

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In 20/19 it was 46%. 
Most of the time, it's roughly 

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40 to 50% of stocks in the index
actually beat the overall 

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performance of the index. 
And this is the same going back 

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throughout history in 2000. 
And 1651% of the companies in 

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the S&P 500 outperformed the 
benchmark. 2015 forty 7% did 

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2014, 52% did so on and so 
forth. 

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Well, isn't this data a bit 
different than the picture they 

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try to paint? 
They try to tell you that 

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there's only a tiny select few 
of companies that outperform. 

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But we're looking at the numbers
and typically on a typical year,

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40 to 50% of companies 
outperform. 

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The overall index 40 to 50% is 
not a tiny sliver. 

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That's a big chunk of companies.
That's hundreds of companies in 

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the S&P 500 every single year. 
So as an individual investor, as

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an analyst, your job isn't to 
find the one or two companies 

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that will outperform, it's to 
find any company in that group 

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of 40 to 50% that will 
outperform the other 50 to 60%. 

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It's still a task. 
You still have to do work. 

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You can't just guess at it, but 
it's far more achievable than 

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the picture they try to paint. 
There's a big group of companies

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outperforming the market. 
Now there's other arguments they

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make like we look at this right 
here where the S&P 500 market 

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00:11:57,920 --> 00:12:02,280
cap index has outperformed the 
equal weighted index. 

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The equal weighted is as if you 
put every single company at a 1%

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weighting or a 2% weighting. 
Everything is equal weighted. 

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You don't weight Apple any 
bigger than you do any other 

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company like Vici. 
They have the exact same weight 

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despite their market cap. 
In 2023, the market cap weighted

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is outperforming the equal 
weighted because of the Mag 7. 

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Those companies have done 
particularly well. 

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They're up 50, sixty 70% and 
they have such huge weighting 

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that they're dragging up the 
market. 

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The equal weighting on the other
hand has been basically flat all

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year and this again leaves you 
with the impression that you had

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to select this small group of 
companies, otherwise you 

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underperform the index. 
Let's go ahead and take a look 

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at this data a little bit 
further back. 

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I looked at the historical 
returns of the equal weighted 

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00:12:46,040 --> 00:12:49,400
index and I benchmarked that 
against the S&P 500 market cap 

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index. 
What we see is that the equal 

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00:12:52,120 --> 00:12:55,440
weighted index has nearly 
identical returns as the market 

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cap weighted over a 15 year 
period in fact going way back to

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2004. 
So we have over a decade of 

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historical performance and you 
can see how closely these trade 

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together. 
They are virtually the same. 

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They've diverged a little bit in
some territory, but they've 

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matched up almost perfectly to 
current day. 

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Now this data is meaningful. 
It shows clearly that having an 

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equal weighted index where you 
treat every company the exact 

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00:13:21,160 --> 00:13:24,520
same has performed roughly 
identical to the market cap 

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index where you're treating some
companies with a lot bigger 

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weighting in the index. 
This means that overall, there's

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a lot of companies that do well 
in the market. 

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Many of them succeed. 
It's not just a handful of a 

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small select companies that do 
well over time. 

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There's literally hundreds of 
companies that are making gains,

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00:13:42,520 --> 00:13:45,440
outperforming doing well. 
And the job of the individual 

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00:13:45,440 --> 00:13:48,800
investor is not nearly as 
daunting or scary as some people

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00:13:48,800 --> 00:13:51,080
make it out to be. 
There are literally hundreds of 

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companies in the index that do 
really well. 

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00:13:53,120 --> 00:13:55,360
Now, I also want to be clear 
here as well that I'm not trying

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to say that outperforming the 
market is easy and anyone can do

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00:13:59,000 --> 00:14:01,640
it with very little effort. 
That's not what I believe at 

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00:14:01,640 --> 00:14:03,360
all. 
The point that I'm trying to 

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make is that it's not 
impossible. 

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It's not as difficult as some 
people make it out to be. 

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There's a lot of companies that 
outperform. 

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There's a lot of opportunities 
and there are a group of people,

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00:14:12,960 --> 00:14:16,080
a big group of them, that have 
outperformed the market on a 

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00:14:16,080 --> 00:14:18,960
consistent basis because of 
skillful stock selection. 

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And why is portfolio management.
It can be done, but it's 

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00:14:22,680 --> 00:14:24,800
certainly not easy. 
In fact, it's true that the 

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majority of investors 
underperform the index. 

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00:14:27,640 --> 00:14:29,080
We can look at the data right 
here. 

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00:14:29,360 --> 00:14:33,640
According to JP Morgan, the 
average investor earns only 2.9%

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00:14:33,640 --> 00:14:36,000
a year, which is really pitiful 
performance. 

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00:14:36,320 --> 00:14:39,800
This is the average investor. 
Now JP Morgan doesn't go into 

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00:14:39,800 --> 00:14:42,640
what the average investor is, 
but I assume that's any 

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00:14:42,640 --> 00:14:45,680
individual investor that has 
bought an individual stock any 

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00:14:45,680 --> 00:14:48,520
in their portfolio. 
And this is what I want to 

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00:14:48,520 --> 00:14:52,040
address, why so many individual 
investors underperform the 

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00:14:52,040 --> 00:14:53,880
benchmark. 
There's a couple big reasons 

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00:14:53,880 --> 00:14:56,560
why. 
The first reason is that the 

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00:14:56,560 --> 00:14:59,680
average holding period of a 
stock from an individual 

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00:14:59,680 --> 00:15:02,360
investor is at a nearly all time
low. 

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00:15:02,720 --> 00:15:05,800
We have all these new investing 
tools like Robin Hood, we have 

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00:15:05,800 --> 00:15:07,520
Weibull. 
We have all of these different 

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00:15:07,720 --> 00:15:11,280
places where you can invest for 
free and those free trades make 

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00:15:11,280 --> 00:15:15,160
it so Investors trade very 
frequently, impatiently. 

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00:15:15,480 --> 00:15:18,520
They buy into stocks and sell 
them within a year. 

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00:15:19,000 --> 00:15:22,400
A10 month average holding period
is incredibly short. 

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That is basically gambling. 
So the average investor is not 

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00:15:27,400 --> 00:15:29,440
really an investor at all. 
They're gamblers. 

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00:15:29,720 --> 00:15:31,680
They're not buying into 
businesses because of their 

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00:15:31,680 --> 00:15:34,240
fundamentals or future growth 
prospects and cash flows. 

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00:15:34,360 --> 00:15:36,760
They're buying into them because
of speculation. 

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00:15:36,800 --> 00:15:40,000
So this is a group of so-called 
investors that get grouped into 

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00:15:40,000 --> 00:15:43,000
the statistics and lower the 
performance of the average 

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00:15:43,000 --> 00:15:46,000
overall. 
But don't be mistaken, having an

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00:15:46,000 --> 00:15:48,480
average holding time of 10 
months does not make you an 

303
00:15:48,480 --> 00:15:50,480
investor. 
You're not buying stocks because

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00:15:50,480 --> 00:15:53,120
of due diligence, analysis or 
look at the fundamentals. 

305
00:15:53,360 --> 00:15:55,400
You are speculating on price 
movements. 

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00:15:55,680 --> 00:15:58,760
Doing so has been proven time 
and time again to be a losing 

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00:15:58,760 --> 00:16:01,960
proposition. 
In my portfolios right now, my 

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00:16:01,960 --> 00:16:06,480
average holding time is 29 
months, so almost three times 

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00:16:06,480 --> 00:16:09,880
the average investors today, and
that's with a portfolio that's 

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00:16:09,880 --> 00:16:12,600
five years old. 
As I continue to age My 

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00:16:12,600 --> 00:16:15,560
Portfolio, my average holding 
time will continue to go up. 

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00:16:15,680 --> 00:16:18,320
But obviously having three times
the holding period gives me an 

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00:16:18,320 --> 00:16:21,040
advantage over speculators. 
But that's a big reason why 

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00:16:21,040 --> 00:16:22,760
individual investors 
underperform. 

315
00:16:23,000 --> 00:16:25,320
A huge group of them aren't 
really investors, they're 

316
00:16:25,320 --> 00:16:27,880
speculators. 
Another big thing that feeds 

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00:16:27,880 --> 00:16:31,320
into underperformance are a lot 
of biases that we have. 

318
00:16:31,600 --> 00:16:34,400
For example, we have recency 
bias where we invest in the 

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00:16:34,400 --> 00:16:37,480
latest and greatest thing and we
forget about the fundamentals of

320
00:16:37,480 --> 00:16:40,520
a company. 
It is normal human behavior to 

321
00:16:40,520 --> 00:16:44,240
try to bypass performance. 
We see stocks going up and we 

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00:16:44,240 --> 00:16:46,440
want to buy the performance that
they recently had. 

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00:16:46,760 --> 00:16:48,440
But you can't do that in 
investing. 

324
00:16:48,480 --> 00:16:51,200
You have to buy stocks when they
have good value and good future.

325
00:16:51,400 --> 00:16:54,920
When a stock goes down in price,
its future expected return goes 

326
00:16:54,920 --> 00:16:56,480
up. 
But it's normal human behavior 

327
00:16:56,480 --> 00:16:59,560
to buy companies that have 
recently risen from low prices. 

328
00:16:59,800 --> 00:17:02,920
This leads to under performance.
So with the combination of very 

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00:17:02,920 --> 00:17:05,880
short holding periods plus 
buying whatever recently went up

330
00:17:05,880 --> 00:17:09,200
in stock price, it's no question
of why individual investors have

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00:17:09,200 --> 00:17:12,319
such poor performance. 
They have a poor investing 

332
00:17:12,319 --> 00:17:16,000
mindset and strategy and overall
that drags down their 

333
00:17:16,000 --> 00:17:18,319
performance. 
Another reason that I believe 

334
00:17:18,319 --> 00:17:22,560
contributes to underperformance 
is not truly knowing what they 

335
00:17:22,560 --> 00:17:24,960
own. 
Peter Lynch says to know what 

336
00:17:24,960 --> 00:17:27,280
you own. 
Meaning, know the products they 

337
00:17:27,280 --> 00:17:29,320
sell. 
Know their fundamentals, Know 

338
00:17:29,320 --> 00:17:31,600
what their growth looks like 
over a long period of time. 

339
00:17:31,800 --> 00:17:34,240
Know what their cash flows look 
like and their balance sheet. 

340
00:17:34,640 --> 00:17:37,560
Understanding this stuff is 
important. 

341
00:17:37,560 --> 00:17:40,520
Ioffer qualtrum.com, which is a 
service that I sell. 

342
00:17:40,800 --> 00:17:43,840
But even if you don't use 
Qualtrum, there's other options.

343
00:17:43,920 --> 00:17:46,280
Use Yahoo Finance. 
Use Seeking Alpha. 

344
00:17:46,520 --> 00:17:48,520
Use something to know what you 
own. 

345
00:17:48,760 --> 00:17:51,640
And if you're not willing to do 
the fundamental analysis or look

346
00:17:51,640 --> 00:17:55,520
at a stock, then don't buy it. 
Buy the index if you're not 

347
00:17:55,520 --> 00:17:57,400
willing to look at it. 
Because if you're not going to 

348
00:17:57,400 --> 00:18:00,320
look at what you own and the 
fundamentals of it, you're going

349
00:18:00,320 --> 00:18:03,040
to underperform. 
I think as investors, if we have

350
00:18:03,040 --> 00:18:05,680
more thoughtful analysis on the 
companies we own, we actually 

351
00:18:05,680 --> 00:18:08,840
understand the fundamentals of 
what we're buying as well as if 

352
00:18:08,840 --> 00:18:13,200
we avoid recency bias, we avoid 
buying whatever is hyped up and 

353
00:18:13,200 --> 00:18:16,560
whatever is going up in price. 
And if we have a longer holding 

354
00:18:16,560 --> 00:18:20,160
periods, then the dismal 10 
months of the average investor, 

355
00:18:20,680 --> 00:18:24,000
all of that will increase our 
chances of outperforming. 

356
00:18:24,400 --> 00:18:28,160
It'll put us more into the 
category of outperformance than 

357
00:18:28,160 --> 00:18:30,560
underperformance. 
It increases our odds of buying 

358
00:18:30,560 --> 00:18:34,600
the companies in the 3040 and 
50% that outperform the index 

359
00:18:34,880 --> 00:18:37,760
rather than the 50 or 60% that 
underperform. 

360
00:18:37,800 --> 00:18:40,080
Now if we don't want to do any 
of that, if we don't want to do 

361
00:18:40,080 --> 00:18:43,120
stock analysis or control our 
emotions when it comes to 

362
00:18:43,120 --> 00:18:45,720
investing, it's better to just 
buy the index. 

363
00:18:45,720 --> 00:18:48,720
That's an easier solution and it
takes a bit less effort. 

364
00:18:49,040 --> 00:18:51,480
But if we are willing to do the 
work, I think there's a great 

365
00:18:51,480 --> 00:18:55,080
chance about performance. 
Now the last thing I'll mention 

366
00:18:55,080 --> 00:18:57,720
here is I just want to share 
this clip from Peter Lynch 

367
00:18:57,720 --> 00:19:00,720
because I think it's incredible 
and it's applicable to 

368
00:19:00,720 --> 00:19:03,600
individual investors. 
Peter Lynch has crushed the 

369
00:19:03,600 --> 00:19:07,320
market for 13 years that he ran 
Magellan and he did so by 

370
00:19:07,320 --> 00:19:10,720
fundamental due diligence, by 
buying companies that he thought

371
00:19:10,720 --> 00:19:13,400
had really great future 
prospects and we're above 

372
00:19:13,400 --> 00:19:15,200
average. 
Here's his thoughts to 

373
00:19:15,200 --> 00:19:18,000
individual investors. 
You shouldn't be intimidated. 

374
00:19:18,760 --> 00:19:20,360
Everyone can do well in the 
stock market. 

375
00:19:20,960 --> 00:19:23,320
You have the skills, you have 
the intelligence. 

376
00:19:23,720 --> 00:19:25,200
It doesn't require any 
education. 

377
00:19:26,080 --> 00:19:27,680
All you have to have is 
patience. 

378
00:19:27,840 --> 00:19:29,680
Do a little research. 
You've got it. 

379
00:19:30,360 --> 00:19:32,440
Don't worry about it. 
Don't panic. 

380
00:19:33,480 --> 00:19:36,200
Peter Lynch is one of the best 
investors to ever live that 

381
00:19:36,200 --> 00:19:38,920
managed a fund. 
Yet he shares the liberating 

382
00:19:38,920 --> 00:19:41,560
message that individual 
investors can do well. 

383
00:19:41,760 --> 00:19:44,760
They can outperform the market. 
He believes that individual 

384
00:19:44,760 --> 00:19:47,440
investors have unique advantages
over Wall Street. 

385
00:19:47,840 --> 00:19:49,720
Because of our knowledge, 
because of our daily 

386
00:19:49,720 --> 00:19:53,320
experiences, we have edges that 
we can exploit to outperform. 

387
00:19:53,440 --> 00:19:55,240
So that's basically it. 
That's all I wanted to share 

388
00:19:55,240 --> 00:19:57,240
with this video. 
There's a lot of people right 

389
00:19:57,240 --> 00:20:00,040
now that are highly discouraging
to individual investors. 

390
00:20:00,240 --> 00:20:03,240
There's a lot of money managers 
that have a strong incentive to 

391
00:20:03,240 --> 00:20:06,360
make you feel confused or 
concerned or overwhelmed with 

392
00:20:06,360 --> 00:20:09,880
individual investing. 
The truth is that buying a stock

393
00:20:10,160 --> 00:20:12,880
is not buying a lottery ticket. 
You're not gambling, you're 

394
00:20:12,880 --> 00:20:15,880
buying a piece of a business. 
And there's many businesses out 

395
00:20:15,880 --> 00:20:18,360
there that will do really well, 
not just a select few. 

396
00:20:18,760 --> 00:20:20,400
That's all for now. 
See you in the next one.