Subject: Re: Barron's ... oops. market not that overpriced
In December 2020, the S&P 500 Index added Tesla and deleted Apartment Investment and Management (AIV). As we noted at the time (see here and also here), it was a classic example of a cap-weighted index buying high and selling low.

The thing that is amazing, even remarkable is that despite the "fund managers" of the S&P500 "classically" buying high and selling low, they STILL outperform 95+% of all other fund managers over the medium term, and STILL outperform 99+% of all other fund managers over the long term. Astounding, isn't it?

I think only Warren Buffett, Bill Miller, Peter Lynch, Stan Druckenmiller, and Ray Dalio have ever outperformed the S&P500 over any two or three decades.