The claim is that there are no funds that can make a convincing argument that they will beat S&P.
When you say funds did "exactly that", the "exactly that" you're talking about is not the thing OP is asking for.
Taking on 90% of upside and 100% of downside is one way to make a convincing argument, and nobody does it.
Let's make the dice analogy. You can't make a convincing argument that you will roll a 5, even though people roll 5 all the time. Talking about people that rolled 5 in the past is proving entirely the wrong point.
When you say funds did "exactly that", the "exactly that" you're talking about is not the thing OP is asking for.
Taking on 90% of upside and 100% of downside is one way to make a convincing argument, and nobody does it.
Let's make the dice analogy. You can't make a convincing argument that you will roll a 5, even though people roll 5 all the time. Talking about people that rolled 5 in the past is proving entirely the wrong point.