That "luck" always suppose that managed funds would profit on bear markets by shorting, and profit on bull markets by buying. As indexes cannot short, they alwa

That "luck" always suppose that managed funds would profit on bear markets by shorting, and profit on bull markets by buying. As indexes cannot short, they always lose in a bear market. But in reality managed funds usually freeze or even buy "opportunities" on the falling phase and short on the bottom (e.g. 2009), which causes them serious loses. Also they tend to miss the start of the bull runs (e.g. being bearish until 2011/2012). If you read Kostolany (a contrarian), he talks about how hard it is to short correctly or to buy in the bottom, because going against the grain is hard.