Subject: Re: Beating the SPX
I have had the same experience. They also want someone to blame.

Yes, good insight.

I had a lot in a "value" mutual fund in '08. They re-opened the fund to take advantage of unprecedented opportunities.

We were down 60% a year later.

I did blame the managers, but even more so blamed myself for thinking those managers knew what they were doing.
They ran a concentrated value fund and ate their own cooking. Sounded good...
They did know what they were doing - taking 1% fees from rubes like me.
Now lagging the S&P500 since inception 4/8/87.