Mutual funds managers don't hold a candle to the hedge fund managers. They make TONS of money and its almost impossible to replicate.
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Forget this whole ETF thing baby, greed is good, passive investing is for wussies, and real men pick stocks! As long as you believe that 3 months is an accurate frame of reference, then I am a genius baby!
Two of the biggest arguments against mutual funds are high costs and poor performance. When your mutual fund starts under performing and increasing costs, instead of finding another mutual fund money sink, build your own.
When I started in the financial business some sixteen years ago, there were over 400 different mutual funds. Now there are over 5000 in Canada alone. But this is not another mutual fund, exactly.
Index funds based on these indexes are a great way to invest in the stock market without buying individual stocks or actively managed mutual funds.