most produce good results often enough to stay in business. The ones that don’t are gone.
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Not exactly true. There are thousands of mutual funds in existence, some of which charge high fees, that cannot beat a simple and cheaper S&P 500 ETF. Vanguard founder John C. Bogle has written extensively on this. You may want to read his excellent book “Don’t Count on It”.
Interesting! I just requested the book from the library.