[nly]

If that's the case why bother taking external money?

Answer: because they make more money from the fees than they do by "beating the market"

The truth is if you beat the market by pure luck once you can market your shit fund and lure in thousands more investors for decades.

[bombcar]

Because the goal isn’t to “beat the market” (most beat by a very small amount) - the goal is to make money selling their “services”.