[Ensam]

I think in the 70s when MFs first became popular with individual investors the managers were the movers and the shakers in the financial industry and regularly made headlines. It was the new sexy place to be and so all the top 'talent' went there. I always thought the issue with managed funds is that it's just mathematically impossible for them to continue to beat the market in any appreciable way in the long term. If a fund does exceptionally well then it will attract investors to the point that it's now too big to make moves without affecting the underlying market.