"how could advice be successful? If it turns out right, the adviser is ignored and the advisee takes all the credit. If it proves mistaken, the adviser receives all the blame."

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Even fans of actively managed funds often concede that most other investors would be better off in index funds. But buoyed by abundant self-confidence, these folks aren't about to give up on actively managed funds themselves. A tad delusional? I think so. Picking the best-performing funds is 'like trying to predict the dice before you roll them down the craps table,' says an investment adviser in Boca Raton, FL. 'I can't do it. The public can't do it.'

— Paul Samuelson