I had an odd experience a couple weeks ago. I met up with some money managers and financial advisors. They were discussing the same problem: how tough it is to beat the market. Since I focus on closed-end funds , and since I know of many CEFs that have beaten the market thanks to smart managers ( I showed you 16 whose average return has crushed the S&P 500 back in November ), I found this discussion puzzling. I asked them what they thought about the CEFs that have beaten the market. The responses were pretty much the same. “It won’t continue … they were lucky … they just beat the market for a short period … index funds will ultimately outperform.” A Cult in the Making The trend toward passive index investing is turning into a cult.… Read more