[orojackson]

But there is a shortcut in this particular instance: following Charlie Munger's advice and just buying index funds like VTSAX, SWTSX, or FZROX. A 10-year return of 13.25% for VTSAX is really sweet given the very low effort it takes to throw money into that fund.

It's not a matter of being dumb or not: it's a matter of whether the average investor is willing to carefully research companies or not. You seem to do it as a hobby, and it's great that you're getting 12% to 20% returns. But I'd wager that the average retail investor doesn't have the same drive as you do in figuring out which company's stock might rise.