True, but how do you know that going in? What kind of a crystal ball would your use?

Most managed funds do not beat the S&P index over 10 year periods. 95% fail over 20 year periods. To me, these unfavorable odds are of concern. Note that much fund advertising promotes relative performance - comparisons to other funds - not absolute performance - consistently growing your money.

Judicious selection of managed funds can be rewarding, but close attention must be paid to performance. Add core holdings of index funds to create a better balanced portfolio in my view.