Being in a reflective mood whilst observing the comments on this "investing " subject the evidence is indicating that some folk don't really have anything more than "a good idea" which leads to a purchase a sale and then... as they move between stockpicking (?) and other actions - and don't take the trouble to sit down and clearly define their strategy on a page - and of course then follow it. I really must do this one day.
Simon is right - as to results - but the argument is never "either or " - as there is a place for both passive and active investment. It takes about 15 minutes to choose from the 15% - so the 85% is no dissuading factor. Now I really need to do some work.