Who are the heroes of Active Fund Managers as Warren Buffett advises laypeople to buy only index funds?

Two words - Julian Robertson. While WB is much smarter and richer than I, even he knows that the studies of mutual funds rarely, if ever, take risk into account. And that is the crux - your financial returns should be risk adjusted if you want an honest comparable. The promoters of indexing don't tell you that do they? As a public service announcement, I'll tell you just one way to beat an index fund - watch the yield curve. When it inverts start de-risking your portfolio. Read this then explain how one can't beat an index... http://www.ipedr.com/vol3/15-M00019.pdf