Apparently the author does not include sector funds in his analysis. I have been investing in 19 of Fidelity’s sector funds for quite some time and my records show that the average of these funds have beaten the S&P 500 handily over the past 1-3-5-10 year periods according to stats given as of 2-28-15. For 1 year S&P is up 15.4% versus sectors funds 17.6%. 3 years, S&P up 17.9% vs sectors 23.2%.5 years, S&P up 16.1%, vs. sectors up 20.8%, and lastly for 10 years, S&P up 7.9% while the sectors rose 12.1%. The funds that I hold include FDFAX, FSMEX, FSCSX, FDLSX,FSRPX, FSRFX,FSDPX,FCYIX,FSCHX,FPHAX,FSDAX,FBSOX,FSPHX,FBIOX,FBMPX,FSHOX,FASIX,FSHCX and FSELX.