Briefly, three of those reasons are:

• An education system that has failed the public. Unless an investor obtains an MBA in finance, it’s unlikely that person has taken even a single course about capital markets theory. Instead, investors rely on “knowledge” from the very people—Wall Street and the financial media—who have a vested interest in active management.
• Despite the importance of this issue, the public seems generally unwilling to invest the time and effort to overcome the failings of the education system.
• The need or desire to be “above average,” an occurrence we might call the “Lake Wobegon effect.”

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