Boston Celt, I strongly disagree with this statement.
As stated, Vanguard has lower fees because they're mostly index which is another way of saying "average" or "going with the flow".
A diversified portfolio of index funds covering the global markets has beaten 92% of every managed portfolio when measured over any 20 year period in the past 100 years. And "any" means take 1941 to 1961, 1942 to 1962, 1943 to 1963 etc. And if you go to 30 years the percentage is higher.
I will take that average every time and win.
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Life is to short to drink cheap wine.
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