Not being much of a sophisticated investor (low cost Vanguard funds for me, thank you), I have a question:

Isn't the latest common wisdom the notion that money managers actually underperform the market as a whole?

http://money.cnn.com/2015/03/12/investing/investing-active-v...

If fund managers -- whom should qualify as sophisticated investors -- aren't doing that well (or at least, can't beat a market index), why would we expect the rich generally to do any better? Is it merely the ability to reap the tax benefits of capital gains/losses?