The Underperformance of Equity Mutual Funds

In aggregate, money managers have underperformed index funds. There are too many of them managing too big a portion of the pool and for the same reason that the crowd could not come out here to ex-servant in the past years. It's the nature if you've got a six or seven trillion dollar or whatever it may be equity market and you have a very significant percentage of it managed by professionals. The amateur, as long as he recognizes he's amateur will do better than the professional does for the people whose money he's handling.