Historically? Maybe a little, yeah, but even at ridiculous rate of, say, 2% annual fees, you're just not looking at the same sort of massive capital losses you

Historically? Maybe a little, yeah, but even at ridiculous rate of, say, 2% annual fees, you're just not looking at the same sort of massive capital losses you could expect following a major corporate insolvency... And more and more pension funds offer low-fee index funds than ever before. Praise Vanguard.