Funeral By Funeral, Theory Advances.

We Are Like Highly Trained Athletes, Who Never Run A Race.

Even Fans Of Actively Managed Funds Often Concede That Most Other Investors Would Be Better Off In Index Funds. But Buoyed By Abundant Self-confidence, These Folks Aren't About To Give Up On Actively Managed Funds Themselves. A Tad Delusional? I Think So. Picking The Best-performing Funds Is 'like Trying To Predict The Dice Before You Roll Them Down The Craps Table,' Says An Investment Adviser In Boca Raton, Fl. 'i Can't Do It. The Public Can't Do It.'

Thousands Of Important And Intelligent Men Have Never Been Able To Grasp The Principle Of Comparative Advantage Or Believe It Even After It Was Explained To Them

If We Made An Income Pyramid Out Of A Child's Blocks, With Each Layer Portraying $1,000 Of Income, The Peak Would Be Far Higher Than The Eiffel Tower, But Almost All Of Us Would Be Within A Yard Of The Ground.

This Message (that Attempting To Beat The Market Is Futile) Can Never Be Sold On Wall Street Because It Is In Effect Telling Stock Analysts To Drop Dead.