[brownsfan019]

While many here are/will be full-time traders and we invest in ourselves and our business, there's always going to be a market for managed money funds, with mutual funds being the most common. I pulled the attached PDF from a post at elitetrader and this is a great presentation about trying to find outperforming managers. Whether you have money in funds or not, I think this is a good read coming from a reputable school with numbers to support the discussion.

I always find things like this interesting b/c when I was a broker, we were taught to sell those mutual funds. The commissions and fees that are built-in or hidden in those funds is just amazing. When you factor all the costs, see page 5 of the PDF, you see where your money really goes. And that's assuming the fund makes money...