[lugg]

If that were true fund managers would be out of the job.

Fund managers do make money, lots of it, enough for their salaries and enough for their company profits. The problem is once you factor those in the index wins out for customers.

The funny thing is that it's the inefficiencies created by index investors that allow the funds to make their money.

[tim333]

The fund management industry in general makes money through marketing funds and charging fees, not by beating the market.