[hklgny]

The comment wasn’t that 2% doesn’t matter. It was that even with the 2% from your ugly fund manager you should still just buy index funds

[mandelbrotwurst]

The average fund manager does not underperform by more than 2%.

[huijzer]

The incentive for fund managers is to make as much profit as possible and not care much about losses. If you take into account that fund managers typically blow up every 10 or so years, then they do underperform by more than 2%. Read Taleb's books for more information.

[hklgny]

The average includes the over performers