This implies, to me, that individual investors should be more risk-averse than larger investors, which supports the statement “It is never going to be worthwhile for a personal investor to attempt to beat the market”.
And, if an individual is able to (predictably) beat the market for whatever reason then it is overwhelmingly unlikely that their optimal strategy is to invest their own capital but nothing beyond that.
A relative of mine does predictably beat the market, and he would agree with you that he would make more money in the long run by investing the money of others. But he would disagree that this is an optimal strategy: his (economic) goal is to make enough money to live comfortably while doing a minimum of work. He reports a fair number of likeminded people among his acquaintances, some more successful at this than others.
And, if an individual is able to (predictably) beat the market for whatever reason then it is overwhelmingly unlikely that their optimal strategy is to invest their own capital but nothing beyond that.
A relative of mine does predictably beat the market, and he would agree with you that he would make more money in the long run by investing the money of others. But he would disagree that this is an optimal strategy: his (economic) goal is to make enough money to live comfortably while doing a minimum of work. He reports a fair number of likeminded people among his acquaintances, some more successful at this than others.