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I started investing recently, but I've been searching for information for over a year now. My main sources (listed below) favour the strategy of Jack Bogle. i.e. Choosing an index fund with good diversification and low TER and watch it grow (buy&hold).
There seems to be great consensus among them, supported by historical and recent data that points that actively managed funds offer no advantages against the indexed ones.
If actively managed mutual funds fail to consistently beat the market, why should an individual investor bother with them? They offer a dubious hope of higher returns, with the omnipresent downside of higher Total Expense Ratio.
My question is:
Why other investing strategies (cherry-picking stocks, mutual funds, etc) haven't been phased out in favour of index investing yet?