For decades individual investors have been trying to beat the market by either managing their own portfolios or investing in actively managed mutual funds.

The vast majority have done so with about the same disappointing results that the Brooklyn Dodgers usually compiled when they faced their archrivals, the New York Yankees, in the World Series. The rallying cry of the Dodger fans, "Wait 'til next year," has been adopted by active managers who fail to outperform their benchmarks because "it wasn't a stock picker's kind of year."

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.