It's not just HN. It's generally accepted that over 20 year spans almost no actively managed fund beats index funds. Example PDF showing this: https://us.spind

It's not just HN. It's generally accepted that over 20 year spans almost no actively managed fund beats index funds. Example PDF showing this: https://us.spindices.com/documents/spiva/spiva-us-year-end-2016.pdf https://us.spindices.com/documents/spiva/spiva-us-year-end-2...