Actively managed funds struggle to beat the market over the long term. There's a lot of evidence that passive investing (i.e. just buying a low-fee index fund)

Actively managed funds struggle to beat the market over the long term. There's a lot of evidence that passive investing (i.e. just buying a low-fee index fund) is the way to go right now for most investors. The presence of active management, however, is good for the rest of us. Through their struggle to beat the market, they conduct extensive research that is used to better price public equities. Those better prices help the passive participants, since they pay roughly correct prices for the dividends they will be receiving.