“Nobody likes to be average.”

How investors should navigate a day traders’ market, according to one researcher

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That idea is reinforcing “one of the big lies from Wall Street” as retail investors turn to platforms such as Robinhood to try their hands at stock-picking, Larry Swedroe, chief research officer at Buckingham Wealth Partners and co-author of “The Incredible Shrinking Alpha,” told CNBC’s “ETF Edge” on Monday.

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The rush of retail traders to the stock market during this year’s volatility has romanticized stock-picking in a potentially dangerous way, said Swedroe, whose latest book is just out in its second edition.

“That’s what Wall Street tells you — we could do better than average — which of course is possible to do,” Swedroe said. “But the fact is that’s one of the big lies from Wall Street.”

“We know that if you just passively invest