Something I learned years ago and have followed -
http://www.nytimes.com/2009/02/22/your-money/stocks-and-bonds/22stra.html?em
They say, based on an experiment that took into account fees, and taxes on gains,
"it turns out that, after fees and taxes, it is the extremely rare actively managed fund or hedge fund that does better than a simple index fund" and "only a minority of funds that beat the market in a given year can outperform it the next year as well"
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