Assume that average individual represents people who have jobs unrelated to analysing companies&#x2F;markets and therefore are managing their money in spare time only.<p>To me stock picking on the basis that you know better than the market is largely hubris.  Most of the people I know who do it don&#x27;t do any meaningful benchmarking so it&#x27;s impossible to properly assess success.  When the market goes up they made money (yaaay - I picked well) but when they lost money it&#x27;s because the market went down (nothing I can do in the face of that).<p>There are a decent number of people manually investing their pension and I genuinely think some proper requirements on reporting would be valuable for them.