Hello 
While I was watching the video lesson, it occurred to me that this very detailed and onerous analysis of each stock in relation to one another or a benchmark would only be worthwhile if we first implicitly trust that the benchmark is the ideal return scenario.
So would it be a true statement to say, for example, if you are a PM managing large cap portfolios it is worthwhile, in the pursuit of alpha over the SP500, to conduct these analyses, but if you are an individual investor seeking absolute return it may not be a useful activity? Thanks!