[ruleof72]

This is true, a manager is not going to beat its index every year, however on avg. over 5 or 10 yrs there are a number of managers that have done just that. Just as any team can be beaten on any day, the same thing holds true for the market. If you want year after year, look at Bill Miller and the Legg Mason Value trust, it has beaten the S&P 500 for 14 years in a row. So there are managers out there who can do it, find them.