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Agreeing with Warren Buffett and the evidence behind his comments

It has been known for decades that active fund managers generally underperform their benchmarks[1].  Eugene Fama penned the Efficient Market Hypothesis[2] in the 60’s proving this and there has been numerous others who have throughout the years.  In very recent times, Warren Buffet made waves this weekend with his harsh criticism of Wall Street and how investors have paid more than $100 billion needlessly in fees over the year[3].  Also, every six months S&P publishes their SPIVA report which shows this happening in practice – ‘over the five-year period, 91.91% of US large-cap (active) managers…lagged their respective benchmarks’.[4]