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Morningstar, a generally objective source of financial analysis, is out today with a study confirming the long known fact that actively managed mutual funds usually under perform a simple index of unmanaged stocks.  These repeated studies have fueled the massive movement of money into exchange traded funds and unmanaged closed end funds over the past twenty years.  But wait, there are exceptions, and it takes time to find them. I'm proud to report that while we are not a mutual fund we are very much an active money manager and our client's as a composite of discretionary accounts, have significantly out performed the equities markets over the past quarter, the past year and the past five years.