We document persistent superior trading performance among a subset of individual investors. Investors classified in the top performance decile in the first half of our sample subsequently earn risk-adjusted returns of about 6% per year. These returns are not confined to stocks in which the investors are likely to have inside information, nor are they driven by illiquid stocks. Our results suggest that skilled individual investors exploit market inefficiencies (or perhaps conditional risk premiums) to earn abnormal profits, above and beyond any profits available from well-known strategies based on size, value, momentum, or earnings announcements. (JEL G11, G14, G40, G51) Received: October 11, 2020 Editorial decision: January 4, 2021 Editor: Jeffrey Pontiff

中文翻译：

---

个人投资者能否战胜市场？

我们记录了部分个人投资者的持续卓越交易表现。在我们样本的前半部分中，被归类为表现最佳的十分位的投资者随后获得了每年约 6% 的风险调整后回报。这些回报不仅限于投资者可能掌握内幕消息的股票，也不受流动性不足的股票驱动。我们的结果表明，熟练的个人投资者利用市场低效率（或者可能是条件风险溢价）来赚取超常利润，超过基于规模、价值、动量或收益公告的知名策略可获得的任何利润。（JEL G11、G14、G40、G51） 收稿日期：2020 年 10 月 11 日 编辑决定：2021 年 1 月 4 日 编辑：Jeffrey Pontiff