Then I started to invest for myself. True to my wish, when I made my own direct investments, I never cared about any benchmark index. But when I invested in funds managed by others, I would compare the managers' results versus their benchmarks and fees. Sure, I took a longer perspective, took the time to understand their investment process, and looked for out of favor sectors. But if the manager couldn't outperform by at least twice their fee over a five year period, then it was time to say good bye. Eventually, I ended up replacing several actively managed funds with super low cost index funds, not because I believe markets are efficient or indexing is the best way to go, but simply because their performance couldn't justify the fees. Because even though the portfolio manager in me likes to be Hans Solo -- "Never tell me the odds"--as the client, how could I decide except by looking at the numbers?