Huh this seems like a poor explanation to me. It doesn't argue that active investment will be worse than index over the long run, just that it will be worse mos

Huh this seems like a poor explanation to me. It doesn't argue that active investment will be worse than index over the long run, just that it will be worse most of the time in the short run. But I'm not investing in the short run, so I don't really care. What does this say about their long term expected behavior? I suspect the usual argument about fees will prove more relevant over the long term.