Short Term Trading Weekend Lounge: 8-10 Feb, page-31

Hi Sector,
With respect I can only agree on point 1. And in a trading account where you can withdraw money on demand, that interest rate has historically almost always been very low.
With regard to 2 the design of this experiment is by necessity quite simple. An experiment that allows stock trading at will, becomes far too complex to work within a set of pre-ordained rules.
For your point regarding Peter Lynch, he wasn't constrained to buying and selling only the index. Also only a handful of fund managers achieved profits well above the index. Tens of thousands did quite a bit worse than a low cost SP 500 ETF such as the US version of IVV.
Also prior to their great run, there is no way you could pick a fund manager that was going to outperform in coming years.