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Its the performance. Americans will not settle for average returns but will settle for above average returns.I truly believe the outperformance of index funds has increased significantly because of new regulations on disclosure. Managers like Lynch used to get information that might today be considered inside info that has to be disclosed to the whole world at the same time. Basically Its harder today to take advantage of the lack of knowledge of the average investor particularly because the average investor no longer decides to "do it yourself"
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