I don't buy the EMH, certainly not the strong form. Even so, the "low cost hypothesis" of Bogle (and others) is really compelling. Even if you assumed (healthy) 10% nominal equity returns, giving up 1% plus taxes and trading costs of that is a HUGE portion and hurdle. I'm evolving more into an indexer with a value tilt (or a reduction in the inherent momo tilt in cap weighted indexes).