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I agree with Foobar, and I would add that the only other instance where that makes sense is if you have an awful lot of money so that you can afford the cost of having someone else look after it for you. Hey, if you're that rich, what do you care how much it costs.

However, I know of other people who want to invest but don't want to bother to learn anything about it and are still willing to pay someone to manage those accounts. If that's the case, you will want to find a manager who will put his/her own track record on the line for you to demonstrate that they: A) know what they're doing; and B) can do better than you or the index fund can. I would also look for someone who will base their fees on performance, not transactions. There aren't many of them out there, but I know of at least one.

But on the whole, it's still better to learn to do it yourself.
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