K.O.H.
"In all honesty, right now anyone can make money due to the secular bull market and pretty calm vol. So lots of people start thinking they are geniuses when its primarily luck. The test will be how she does during a fat tail event. "
Yes, I have heard that in 1996-2000, 2003-2004 and 2006 and 2006-2008 with Brokerages making all that fake money. Remember the Day-Traders of houses in New York and Las Vegas and South Beach? This rising Bull Tide is saving some butts from getting roasted a regular stock market would have destroyed.
"People mistaken a Raging Bull Market for stock picking genius", that's exactly what a Fund manager would attempt to instill in my brain. This Market is making people think they are brilliant and Day Trading is easy, remind you of 1997-2000 and the final wash-out in 2008-2009 when we lost most of the day-trading population according to several reputable Tax Trading Accountants.