I have a friend who says he has the following dilemma. He has one million in cash, owns the house some old cars etc. Now he says to me, if the average fund manager can't beat a random portfolio. He may as well pay himself a salary instead of asset management fees. and trade the money himself. All I could say well, alternatively you could buy an ETF and just carry on working? It just got me thinking, basically what he seems to be saying is if these guys can't beat a few random choices in portfolio selection. He may as well do it himself!