Why can't more than 99% fund managers outperform the benchmark index?

Securities speculation itself is a zero-sum game, and all the money earned by one investor is paid by another investor. A better way to make money is to operate the fund and charge a service fee. The market is unstable and the interest rate is fixed. In order to win the service fee, fund managers will pay more attention to the sales part rather than the risk control part. What's more, many fund managers have impure motives, no other ideas except circling money, and no ability to manage funds well. There is a joke that star fund managers all bet at both ends, then hide their losses and fool investors into paying the bill.

Furthermore, even assuming that the fund manager can be equal to the index, how much can investors get after deducting the service fee? The management fees of most index funds are extremely low, which is not comparable to the premiums of private graves and cemeteries (graves in various senses).

Suppose my annual return on investment is 7%, 10 years, and the rate is 0.75%. If I invest1000000 yuan, the cost you actually pay in the end is only 133600 yuan. Suppose my annual return on investment is 9.25%, the rate is 3%, and I invest 6,543.8+0,000 yuan, and the final cost you actually pay will reach an astonishing 587,000 yuan. Moreover, like a fool, you took more risks for the fund manager's year-end bonus. 9.25% annualized rate of return can only be achieved by high-risk investment, 7% risk is moderate, and the probability of loss is even smaller. Then why take the extra risk? With the same income, your "free" risk is higher. This is why most people who buy funds are fooled and are complete idiots. This is why most funds can't beat the index. There are many people with ulterior motives who want to make money from fools. People keep entering this industry to earn high profits, and all the loss-making funds eventually die, but new funds will always fill their positions. After all, people in China are richer than fools, and the reapers come first served.