"Proponents of indexing as the best investment strategy seem to take great delight in reporting how the vast majority of professionally managed portfolios (mutual funds, separately managed accounts, hedge funds, ETFs, etc.) fail to outperform the S&P 500. Therefore, they argue, it is best not to even try. Investors should simply invest in index funds and forget about it." "At first glance, this would appear logical because in truth their statistics are true and valid. On a total return basis, the vast majority of investor funds that are professionally managed do in fact underperform the S&P 500 on a total return basis. However, with this article I intend to illustrate that there is a significant flaw with this line of reasoning." Prowling through my Evernote clip file, rereading articles that attracted my attention, I though this piece might be interesting to those currently discussing dividend growth versus speculation. Agree or not with the writer's analysis, it is food for thought. http://seekingalpha.com/article/1752582-trying-to-beat-the-market-is-a-fools-errand HTH. YMMV.