Yes, I've read similar stories and of course Buffet is famous for saying things along similar lines. For me, I decided to follow Steve Clark's advice of "Do Mo

Yes, I've read similar stories and of course Buffet is famous for saying things along similar lines. For me, I decided to follow Steve Clark's advice of "Do More of What Works and Less of What Doesn't". I invested in a bunch of different things including ETFs, managed funds, futures, individual stock picks, IPOs, etc. and I found managed funds that seemed to work better than ETFs (though 5 years is not really enough time to know for sure), so I pumped more into the managed funds that were working. Investing only in IPOs seems to work well as well but the hardest part for me was knowing when to sell (which in my case I almost never sell and I often miss the best opportunity to cash out my IPO investments). I am sure there are some bad managed funds, probably more bad ones than good ones. I'm certainly not saying managed funds are a better choice overall than just going "all-in" on Vanguard, but picking out a few managed funds to try out after doing a couple of hours research is also not a strategy that should be completely written off either, at least in my experience.