I’m talking about a Nash equilibrium for the investor who decides to invest in an index fund or an active fund for their own profit. So management fees are subt

I’m talking about a Nash equilibrium for the investor who decides to invest in an index fund or an active fund for their own profit. So management fees are subtracted from either choice. Intuitively what I’m saying is pretty trivial: if one choice is obviously better then everyone would go for it, making the other choice better.