KEN GRIFFIN JUST EXPLAINED WHY MOST INVESTORS WILL NEVER BEAT THE MARKET In a rare interview, the Citadel CEO delivered a masterclass on portfolio construction. "You have a portfolio that is extraordinarily highly concentrated, you have large positions, you cannot demonstrate a clear and concise competitive advantage in why you own those positions." Griffin's diagnosis is brutal: some investors, even with full information, are "unable to help themselves" and "get to a better portfolio construction." The opposite question: why does Citadel keep working? "It's experience. It's the price paid in losses and pain that converts into wisdom. My leadership team, we've been through a lot of very difficult moments of the markets together. We've learned some very bitter lessons. But it makes us much more effective as investors in periods of turmoil and crisis." Most investors are overconcentrated without a repeatable edge. Citadel's edge is surviving every crisis together.