It's actually not impossible, but hard,

事实上不是不可能不过很难实现
and there are a number of challenges.

这里面有许多考验
First, for individuals,

首先对个人而言
I think the primary challenge is

最基本的考验就是
if an individual sticks to, sort of,

如果某人专注于
areas where they might have an informational advantage

一些他们拥有信息优势的领域
or at least don't have an informational disadvantage,

或者说至少没有信息劣势
they won't own a diversified portfolio of securities

那么他们就不会有分散化的投资组合
because their informational advantage will be narrow.

因为他们的信息优势领域范围太小
They also have sort of limited access to the gamut of products

他们在大范围内获取产品的途径也是有限的
and so forth

诸如此类的
restricted access and restricted offerings.

受限的途径和受限的供应