Here's the corrected text:
some truth to the selling low/buying high criticims, except come on - small caps are within a hair of all time highs, up 27% over 52 wks vs only 22% for big caps. So not really selling low.
and also, I'm not a contrarian. I believe momentum strategies work better than contrarian strategies. at least when I am doing them.
Disagree with your claims about the total market index - it is utterly dominated by mega caps. You seem to be suggesting that if you buy total stock market index, you get a midcap index. That is far from the truth.
Average market cap total stock market index: 65 billion
average market cal for large cap index: 77 bn
average market cap for mid cap index: 11 billion
" small cap index: 3 billion
so the total stock market indices are really large cap, just not as much as the large cap indices.