[scarface74]

Do you have any cites of any 10 year period when more than 50 percent of managed funds beat their respective indexes?

[charleslmunger → scarface74]

Beat, net of fees. The goal of almost any managed fund is to extract the maximum amount of depositor money via fees. If you beat the market, raise your fees. If you don't, say it's because your investments are counter cyclical and lower risk, and keep charging your fees.