How is it possible that Ryan Lochte, and not Michael Phelps, is the 200 IM WR holder? Phelps is generally regarded as being more talented than Lochte.

Ryan beat Michael in the Shanghai World Championships, going 154.0 to Michael's 154.1.
 
Transcript: "I ask myself this question a lot, and the answer is very simple. Ryan out-touched Michael in Shanghai World Championships, end of story. Beat him in the world championships, went 154.0, Michael's 154.1, and that's how it is. So congrats to Ryan, and I hope you're having a good day."