Charlie Munger at the 2019 Daily Journal Meeting,

Another issue, of course, that’s happened in the world of stock picking, where all this money and effort goes into trying to be rational, is that we’ve had a really horrible thing happen to the investment counseling class. And that is, these index funds have come along and they basically beat everybody. And not only that, the amount by which they beat everybody is roughly the amount of cost of running the operation and making the changes in investments. So you have a whole profession that is basically being paid for accomplishing practically nothing. This is very peculiar… That a whole profession, where the chosen activity they’ve selected, they can’t do anything… When a whole profession that works so hard…just can’t do what the profession is really trying to do, which is get better than average results.