“the number of people who have consistently beaten the S&amp;P 500 over a period longer than 20 years”<p>If someone is managing money for the long term, why would they care about &#x27;consistently&#x27; beating the S&amp;P 500 for &#x27;longer than 20 years&#x27;?  Shouldn&#x27;t you care about aggregate, compounded returns, rather than consistent returns?<p>Would you rather have annual returns like this {5%, 5%, 5%, 5%, 5%} or this {4%, 2%, 13%, 4%, 4%}?