re: These Talking Head Stock Analysts are beyond useless.

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I guess but the weights aren't static. That smooths it out too. As a mega cap (or sector like tech) reverts, its weighting in the index also shrinks. Right?

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Sure, but the 9 non Berkshire stocks in the SPY top 10 are 30% of the entire index. Microsoft and Apple are nearly 14% combined. Even moderate underperformance from those stocks would mean something like EQWL or RSP would vastly outperform given their equal weightings.

Still would own all the winners and losers, just in equal amounts.

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At this stage of the game, I am happy to accept declining exposure to losers in exchange for increasing exposure to all of the winners.

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In the rear view mirror, sure, but it won’t necessarily always be like that. RSP outperformed SPY by 7% in 2022 because it had significantly less exposure to the losers.