Because the way to get ahead as an active fund manager isn't to deliver returns that match S&P 500, it's to deliver returns that are uncorrelated with the prima

Because the way to get ahead as an active fund manager isn't to deliver returns that match S&P 500, it's to deliver returns that are uncorrelated with the primary market. Once you're in top half of that 11% who consistently beat the market that way even if by luck, survivorship bias will have customers beating a path to your door. Nobody remembers the 89%.