Well, the last 5 years or so is the epitome of a bull market.
Did the paper say the same set of people consistently beat the market over long periods of time or did it say at any time about 10% of investors happen to beat the market?
6 year time period between 1990-1996. Would have been interesting to see how these results would have fared across the 2000 crash.
But I don't think the paper claims that they beat the market. What they are concluding is that you can classify investors as skilled and unskilled, with the skilled group able to achieve returns consistently. But whether those returns can beat the market, they say the evidence is limited.
Did the paper say the same set of people consistently beat the market over long periods of time or did it say at any time about 10% of investors happen to beat the market?