Keith, I can't agree more that buy-and-hold of index funds is a great strategy for most investors. Good discussion of contrasting it with speculation which is not for the faint of heart.

I did find, however, that some terms were mixed up in the article. Index funds and ETFs are not synonymous. Vanguard, for example, has been offering an S&P 500 index fund as a mutual fund since the 1970's.

Also, a mutual fund doesn't mean inclusion of fees. No-load mutual funds have no ales load whereas actively managed funds do, to pay for compensating the advisors. As you pointed out, most of the advisors have trailed the performance of stock indexes. Something to reckon!

ETFs have introduced many improvements for the average investor in working with low cost as opposed to traditional mutual funds. No question about that, but it may be nice to clarify some of the concepts so that investors can make informed decisions.

Thank you for your sound recommendations.