this is the reason I refuse to budge from my index portfolio besides small 'play money' ventures. My investing philosophy is basically by the time it hits wire you dont know what portion of it factored in. especially in age of AI and automation IMO alpha will vanish faster as anyone can code up eqv of a bloomberg terminal themselves. So all thats left is how do you manage downturns, when market heads down 30% but your handpicked stocks go down 60% you need to have enough wherewithal to hold through bad times. this is where true test of faith comes, I believe I would be cowardly and sell out at wrong time. So its best to just hold index and market sort the bloodbath out itself.