Exactly - the headwinds in this case are strong. Even if you're just talking about actively-managed mutual funds versus passive indexes, you're talking about ov

Exactly - the headwinds in this case are strong. Even if you're just talking about actively-managed mutual funds versus passive indexes, you're talking about overcoming the 70th percentile after fees/taxes on average. So you can't just beat half the other players, and you can't just do it one time - you have to beat more like 2/3 and do it consistently over the years to overcome drag. In studies done on this, most active managers who beat the index either (a) take on a lot more risk, and/or (b) can't do it consistently and eventually fall behind.