On: A 19 basis point portfolio beats the average of most college endowments

[SilasX]

I think the whole point of the research is to see whether it's worth it to try not to be an underperforming one vs just taking the index returns. Obviously if you restrict your set to the ones outperforming then the index looks bad but you don't know who these are going to be.

(I know your point was also about size and the risk of distorting the market but I think you added in an unnecessary caveat there.)