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According to a recent study, very few professional investors have actually managed to outperform the rising market consistently over the past few years. In fact, based on the updated findings and definitions of a particular study, it appears that no mutual fund managers have.

Questions:
1. What is a mutual fund?
2. What does the article conclude about probability theory and picking stocks?
3. What is an index fund?
4. What is the take-away idea about skill when predicting stock performance?

Source:
Sommer, J. (2015). How Many Mutual Funds Routinely Rout the Market? Zero. The New York Times, March 14 (Retrievable online at http://www.nytimes.com/2015/03/15/your-money/how-many-mutual-funds-routinely-rout-the-market-zero.html)

The bull market in stocks turned six last Monday, but no mutual funds have managed  to outperform the rising market consistently over those years.

The bull market in stocks turned six last Monday, but no mutual funds have managed to outperform the rising market consistently over those years.