[jameshart]

Every year there are hedge fund managers that outperform the market. The trick is knowing at the beginning of the year which manager that’s going to be.

Absent that crystal ball, a portfolio of hedge funds is a strictly more expensive way of investing than an index fund.

[internetslave]

This is false. If you work in the industry there are consistent winners.

[JKCalhoun]

And, as I understand from Bogle's (admittedly dated) book, when that happens everyone rushes into the fund and it begins to underperform due to its increased weight/influence (see Peter Lynch's Magellan Fund).

[internetslave]

No. Some portfolio managers are just good. This whole no one can beat the market is non sense.