Do Index Funds Really Make Active Managers Obsolete?
Index funds beat most active managers over time, so paying high fees for stock-picking advice is a waste of money. I've seen countless portfolios where the active funds lagged the S&P 500 after fees for a decade. But maybe some investors need the discipline that a human advisor provides, especially during market crashes. Yet with robo-advisors and etfs now so cheap, is there any real edge left?