I’m as much a fan of index funds as the next person, but here’s a totally speculative and unproven…

I would say no, unless desperation (“I need to retire and I don’t have enough!”) causes people to do stupid things.

There’s enough evidence out there that managed funds don’t often outperform the market average even discounting fees, and that this is often hidden via survivorship bias (they kill the underperforming funds, because no one will buy them, raising the average performance of their active funds).

Pay more, get less (unless you can pick out the 1 in 100?):

And “past performance is not indicative of future performance”:

So you take the market’s bounty and you take the market’s lumps. And if you need stability, you get it via bonds or similar investments.

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