Warren Buffett is an American business magnate, investor, & philanthropist who serves as the chairman and CEO of Berkshire Hathaway. He is one of the most successful investors in the world & has a net worth of US$87.5 billion, making him the third wealthiest person in the United States & in the world.
Every year Warren writes a letter to the shareholders of his company, Berkshire Hathaway. The 2018 letter is linked below and is a must read - if you go to page 11 you can read about the decade long bet Warren had with active fund managers who bet $1,000,000 they could beat the index. The results are in and in the 10 years - they beat the index once. Its worse than that... they used several underlying managers to try and outperform & still the broader sharemarket outperformed with no input, no stock picking - just using an index fund. A favoured approach of ES&A we were delighted to read these results.
If you have time, Mr Buffett's letter is an interesting read.... but scroll to page 11 if you are time poor.