Anecdotally, the prior decade had a few years that returned >40% for many people that weren’t indexing, and averaged well above the S&P500 over that period. The market conditions were nearly ideal for making those kinds of bets in the 2010s. We are no longer in that market and ZIRP is a fading memory. Part of being a more active investor is recognizing periods of years when certain strategies are likely to be profitable and robust and when they are not, and adjusting your investments appropriately.