Just over 4 years ago, I embarked on an experiment to achieve sustained outperformance over the S&P 500 (SPY)(VOO) for a duration of approximately 10 years (Project $1M). While the project isn’t complete yet, the initial results have been encouraging for me. I have attempted to outperform the S&P 500 by largely using S&P 500 components that were leveraged to strong secular tailwinds, which were competitively advantaged and were extremely financially disciplined, with high margins, strong returns on invested capital and excellent cash flows. I was also looking for