For these reasons I feel the way to play the "winner's game" is to strive to "be the market" (through the use of low-fee, passive-oriented investment strategies and a heavy emphasis on asset allocation) as opposed to trying to "beat the market" (by looking for the proverbial higher-fee, four-leaf clover in the vast fields of the investment landscape).
What these results also show is the importance of asset allocation and the need for proper diversification with a portfolio oriented towards long-term growth.
