So you’ve rejected the hypothesis that his portfolio has the same distribution of returns as the SPY. Looks reasonable, because his portfolio does not track the S&P 500. Congratulations!
The QQQ (Nasdaq 100) also generates alpha without any doubt then, as does the SPUU (leveraged S&P 500).
The QQQ (Nasdaq 100) also generates alpha without any doubt then, as does the SPUU (leveraged S&P 500).