Ann: Funds Under Management - December 2021, page-112

but it took just 1 year to undo all the performance so you end up losing, so if you are a long term buy and hold investor you lose out.
but if you can time the market cycle then you may win

so the thesis still hold true doesn't matter who you are, the super stars picker, the legends, the 5 star hedge fund managers you can not beat the index over 10-15 years and the longer the time frame drag out the harder for anyone to beat the broad index.

in 2008, Warren Buffet have a go at hedge funds for charging high fee and you better off invest in the index
and to walk the talk, he bet with the fund managers for $1 million dollar for charity and in a period of 10 years after fees and expenses he can not beat the S&P 500 index

Shortly after the bet the market tanks S&P 500 down 37% and fundies only down 23%, he gloats but not for long
subsequently 4 years he trailed the S&P 500, then Argy and bargy back and for but in the end the hedge fund lost
and he gave up at 8 years mark said he could not catch up and beat the s&p 500.