>Since actual index funds are not exactly the average world investment,
>they are bets regarding the difference. But as you put together
>enough indexes and approach the average, your total portfolio
>approaches not making a bet.
I see your point now, and it is a reasonable goal for the average
investor, but index funds as they exist today aren't trying to track
an average person's investments. They're trying to track the average
stock and/or bond portfolio. It isn't as easy for the average person
to emulate an average investment in a home.
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