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Why do actively managed mutual fund outperformance tend to revert to the mean or average, or even eventually underperform? Hint: what makes it different from

Why do actively managed mutual fund outperformance tend to revert to the mean or average, or even eventually underperform? Hint: what makes it different from indexes, are there any handicaps? And what about the market as a whole and the players involved as you outperform? Explain in a few sentences.

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