On May 4, 2008, at 1:43 PM, Joseph Catron quoted:
> An important reason for this
> underperformance is the fact that fund managers can end up skimming
> off more than 25 percent of the fund as a fee for their services. The
> study does find that some funds do consistently better than the
> average, but it's not clear why most funds underperform.
Because it's nearly impossible to beat the market consistently, unless your name is Soros or Buffett - even before fees and commissions. As I've said a bunch of times before, most people who are saving for retirement would do best by putting their money in a Vanguard index fund and leaving it alone for 30 years.
Doug