There was nothing in your initial post to denote bond funds. Your first post just say "mutual funds...underperform broad based tradable index tracker..." Regardless, there are MANY examples in junk bonds and muni junk bonds where the managed funds significantly out-perform the index.
my whole argument is based on bond funds as you can see here... https://www.elitetrader.com/et/thre...on-ib-considered-no-load.304131/#post-4355091 Yes, anyway, can you name a few that have a 15-20 year performance record?