Transactions and imperfect information
Morality, individual -- Moral relativism (subjectivism) requires objective belief in individual

Low fee Index funds vs Actively managed Mutual funds

Investing in low cost Index funds may not always be best. Over 300 actively managed funds have beaten S&P over the past 10 years while 1,700 funds outperformed S&P over the past five years.

Consider this:
On Dec. 31, 1964, the Dow Jones hit 874, and on Dec. 31, 1981, it closed at 875. Unless you did dollar cost averaging you would have gained nothing in 17 years. But investment in individual stocks could have been profitable.

There are many well known equity mutual funds, such as, Legg Mason Value Trust (FUND: LMVTX), which have beaten S&P 500 over last 13 years.

See the following fool article: You can beat the market

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