Investing in funds: Nearly everyone is below average

New York • Welcome to where nearly everyone is below average. It’s the world where investors try to pick which mutual funds will beat the market. It sounds great in theory, but the odds of doing it successfully over the long term can be slimmer than winning a lotto prize. Twice each year, S&P Dow Jones Indices checks how fund managers are performing against indexes in various categories. For the first time, it has a full 15 years of data to compare. That stretch of time captures not only two big...

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