[jandrese]

The caveat is that doing active management can get expensive in a hurry, which is why traditional funds tend to underperform index funds. It's cheaper to have some simple rules that a computer can execute and occasionally eat losses than it is to hire a bunch of experts to do tons of work to avoid those losses and end up costing more than you would have lost.

Ultimately the problem domain of monitoring every publicly traded company and prognosticating their actions is huge, and the job is so messy that it will never be cheap. There should be an information theory paper on this somewhere.