From: Beliavsky 
Newsgroups: misc.invest.financial-plan
Subject: Re: market vs. limit orders
Date: Wed, 17 Oct 2007 10:49:16 -0500
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On Oct 17, 10:12 am, kastnna  wrote:
> On Oct 17, 12:13 am, Ron Pthose
>
> > I am a value investor preferring low p/e and low p/b stocks. I did
> > better than average over the past 3 years in 3 accounts (regular and
> > two IRAs). The problem is that most of the value stocks are in the
> > small cap category and the amount of stock in dollar terms is limited.
>
> Congratulations. However, I was commenting on the OP's statement that
> EVERYONE, even the uninformed, could regularly outperform the market.
> A wealth of historical studies and the S&P Index versus Active (SPIVA)
> report has repeatedly shown that active funds have not kept up with
> their respective benchmarks. There are obviously funds that do
> outperform, and I commend you for your ability to choose them. Data
> suggest the Average Joe will not be so fortunate.

The vast majority of equity mutual funds are not run in the formulaic
manner I was advocating, so this data is of questionable relevance.
Also, an individual investor would not be paying management fees (but
could be paying for screening software and data).