Well, I used the word hobby for lack of a better word.
More importantly, I am saying this in the context of someone trying to become a stock picker at the expense of a regular income. In my opinion, that's a huge expense. This expense would need to be offset by the alpha you generate over the returns from any of top fund managers. To that extent, I am saying this may not be possible for most of us. Again, I am saying this in the context of individuals managing their own money ( without an alternative income ).
I am not belittling individual stock picking here. I have built my own portfolio as well over the last 2 years. My allocation at this point of time is ( 40% mutual funds - 30% individual stocks - 30% cash ). What I am seeing right now is my own portfolio returns are in line with my mutual fund returns ( mid-cap funds). But then I do know that we have been going through a purple patch. In-spite of having a decent portfolio ( which is what i think I have ), I am not outperforming the funds I am invested in. For me, its fulfilling though since I am paying myself huge fees ( in the form of a salary ) to do so. Without the fees, I am not so sure it would be worth it.