“…active investors will have their returns diminished by a far greater percentage than will their inactive brethren. That means that the passive group, the “know-nothings,” must win.”
“When trillions of dollars are managed by Wall Streeters charging high fees, it will usually be the manager who reap outsized profits, not the clients. Both large and small investors should stick with low-cost index funds.”
-Warren Buffett, Chairman, Berkshire Hathaway