Logically if everyone did exactly what you say is correct, no one would ever stick their neck out and do anything!

My experience shows that more risk = more reward, and if you are careful and a student of history, you can take risk properly without blowing up.

For anyone reading this thread, just follow the path of EMH to it conclusion - trying to make an investment in a single asset is for fools. Clearly this is wrong!!!

Each person only lives once (I believe so ?!) is up to them to decide how to live their lives.. people can take calculated risks while still investing the majority of their money in boring indexes because most likely they will do better that way.

I think it's a bit fool to live in the WSB life style, but I know plenty of people who do. They make a lot of money and lose a lot of money. They're usually more worried about retirement than I am and we make the same amount of money... this folks usually like gambling too... To each their own.

> My experience shows that more risk = more reward

you got it the wrong way around. More reward = more risk, but the inverse might not be true.

Imagine you took crazy risk - you jump off a building, and hope that a gust of wind keeps you from dying. What is the reward?

> trying to make an investment in a single asset is for fools. Clearly this is wrong!!!

you've misunderstood the instructions for index investing and EMH. It's not saying you shouldn't concentrate and be active in choosing - it's saying that if you do, you better be someone who is more informed, and capable of pricing an investment than the market. So do you really think the average person is in that position? If not, they're better off following the market index.