Market Pros Had Bad Year, So Why Not Just Buy Index Fund? - Yahoo! Finance

Market Pros Had Bad Year, So Why Not Just Buy Index Fund? - Yahoo! Finance:

"Just one in four managers beat the major stock indexes this year, as an intensely volatile market environment drove an aversion from risk that left many dangerously exposed during pullbacks and woefully flatfooted during rallies."

and later:

"Just one in four managers beat the major stock indexes this year, as an intensely volatile market environment drove an aversion from risk that left many dangerously exposed during pullbacks and woefully flatfooted during rallies"

I'd like to see some control for risk in this, but none-the-less, the idea that it is exceedingly hard to consistently beat the market is worth repeating.