“A very low-cost index fund is going to beat a majority of professionally-managed money. The gross performance [of actively managed money] may be reasonably decent, but fees will eat up a significant percentage of the returns.”
“All the time and effort that people devote to picking the right fund, the hot hand, the great manager, have in most cases led to no advantage.”
"The industry as a whole cannot outperform the market because they are the market, and long-term statistics revealing negative returns for the class of active managers confirms it. Yet, what a price investors are willing to pay!"