> By arguing that most people underperform the market, you are implicitely assuming > that it is easy to underperform the market - something that should in fac

> By arguing that most people underperform the market, you are implicitely assuming > that it is easy to underperform the market - something that should in fact be hard > if markets were efficient and everything priced fairly. I think the argument is that many people (including fund managers) trade too actively, which generates costs that cause them to underperform an efficient market.