Active investors of all kinds definitely try, but again as a whole they've failed. I'll try to dig up the data and put it into an article sometime, but the fall

Active investors of all kinds definitely try, but again as a whole they've failed. I'll try to dig up the data and put it into an article sometime, but the fallacy that you should just pick a hedge fund and it'll outperform via market timing or securities selection is false. And of course, as for picking the "right" fund which will subsequently do that - well that's the hard part.