FYI: For almost five decades, the literature on the investment performance of mutual funds has found that very few managers possess sufficient stock-picking or market-timing talent to allow them to consistently and reliably produce positive risk-adjusted performance after considering their fees. In other words, there’s little to no evidence of outperformance beyond the randomly expected.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-dont-buy-winners?nopaging=1
