The surprise is that the man who became a billionaire by picking value stocks says the average person should not mimic him and simply use index funds. He doesn’t have a lot of confidence that its still possible to beat the average.
You can’t today- way more information available to everyone than 50 years ago. And the deals he’s done in the last 20 years the average person would never be able to do. -85-90% of professional investors lose to the market over 10 years. Worse with retail.