The money management and financial academia world is split in two camps: those
who believe markets can be beaten and those who believe they can not, especially after costs and fees. In a recent Financial Times article, John Authers reports on some interesting findings (you can read the article here).
The evidence shows that if markets can be beaten, it is likely to be by:
1) high active share portfolios
2) low turnover, long-term patient investing
3) boutique asset managers