Only about 20% of actively managed mutual funds outperform over a five-year period. The other 80% underperform and they underperform by two to three times the amount that 20% output outperformed. So you're paying a lot of money for a low probability of picking a fund that's going to outperform. And even if you happen to pick right, you happen to get a fund that did outperform. It's not going to outperforming by as much as it should outperform to pay you for the risk that you just took.

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