Interviewer: Scenario. It’s January 1. You can invest in the stocks that make up the S&P 500. How do you guarantee that you will outperform the index by December 31?
Candidate: (extended silence, no idea)
Interviewer: Think about it statistically. And remember the S&P is market-cap weighted.
Candidate: … I have no idea…
Interviewer: Really? Think about it.
Candidate: (more painful silence) … Sorry, no clue.
Interviewer: Don’t buy the stocks that go down!
Candidate: Ah.