Why is it so hard for individual investors, or even fund managers, to beat the market? First, let's look at the pros. S&P Indices research says that over the past 10 years, 56.6% of all domestic funds underperformed the S&P 1500 composite. This index includes small-, mid- and large-cap stocks. Such findings can inspire criticism, but drawing the right conclusion isn't as easy as it appears. The critics of the fund industry overlook several