"I guess my challenge is can this thread create a portfolio of...

"I guess my challenge is can this thread create a portfolio of say 4-6 ASX stocks that would outperform all LICs."


You need a portfolio of well managed companies, with good inherent profitability which gives you solid exposure to the economy.

I would go for :

WOW, WPL, WDC, WES (the 4-W's as we call them on this thread) BHP, TOL

Ideally I would like to include CBA & QBE.
In fact 6 stocks dont do the business. You have to omit good companies and/or significant sectors of the economy for no good reason. (look at the list in my sig, for instance). And what about NewsCorp, Telstra .. yes, I know ... but would you be comfortable being out of those sectors in this day and age ?

The compromise solution :

WOW, WPL, WDC, WES, TOL, BHP
plus ARG, AUI (for exposure to those sectors of the economy which your primary 6 dont provide, particularly banks and insurance).

Now you have a good portfolio with good offence and defense.
The quality of the companies mitigates operational risk, and that leaves you with choices as far as supercharging your returns via *financial engineering* eg gearing, super, tax structures etc.

Importantly, you must stick to the strategy long-term, which in essence amounts to being a permanent buyer in all markets. Timing is not important. Consistency is.