The Aussie sharemarket is very different to the USA.
Our market has very heavy bias to 4 banks, 2 miners, and crap stocks like Telstra and AMP.
There are lots of poor quality small caps that have never made a profit, but also some
shining stars that do very well.
It is therefore perfectly feasible for active managers in Australia to outperform the index and there
are plenty of examples of those who do, particularly small caps managers.
Whereas in the USA I'd be happy to invest at least some of my money in index funds.
