Subject: Re: Barron's ... oops. market not that overpriced
Well, to be fair to the active fund managers, the biggest reason for that is fees. Rather surprisingly, the stock picks of most active managers do beat the cap weight index on average before fees and expenses and the drag from cash allocations.

Which active fund managers have beaten the S&P500 over any 2 or 3 decade period if you exclude management fees?

A monkey with a dartboard has about a 99% chance of managing it. (number not picked from thin air, it was a real test)

These studies showed that a "monkey with a dartboard" can outperform the S&P500 in the short term. The same studies have shown that it does NOT apply over the long term (let's say 2 or 3 decades).