Dave Chilton

And to your point, the longer the time frame, the more challenging it becomes.

And even if the data said it was 10% as opposed to 3%, it's tough.

And it's not the same 10% over and over again.

So you can do all the thorough research you want in terms of the past outperformers, the likelihood of that group being the same

Going forward, being able to outperform again is very low indeed.

So a lot of what you're saying just makes perfect sense to me, including the kind of timeframes you're talking.

What are the most common mistakes you see?

And let me start with this.

The group are ESPs that at one point were quite dominant in Canada, now have faded in terms of popularity, but are still very much out there.

What are your thoughts on them?

I love the word loathe, by the way.

I don't know why, but I've always liked that word.

It's weird to love the word loathe because it really makes no sense, but I love the word loathe.

I'm a tad more diplomatic than you.

You're a prosecutor trying to always hammer the guilty.

But I do think that the rules are very rigid, often opaque.

I would say that they're almost never properly explained to the people making the investment.

That's one of the great frustrations I've had over the years.

Again, the good news is you're seeing them used less and less often as time goes by.

At one point in the 80s and 90s,