Yeah, I’m in the second group. I use a diversity of buy and hold strategies (picking individual stocks based on fundamentals or personal brand experience, buying certain sector ETFs, etc). The efficient market hypothesis index ETF promoters think I can’t beat the market, but if they’re right it doesn’t matter, since I make sure to keep my transaction costs low and only use low expense ratio ETFs, and I have a diversified portfolio so I’ll just end up matching the market on average.