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."

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