A recent survey of active investors (those trading 36+ times a year) by Fidelity investments indicates that 2/3 of the respondents expect to have better returns than the S&P 500 over the next 12 months.

Some rudimentary arithmetic indicates that only 50% of all market participants can outperform the market (and that's in a world with no investing expenses).

50 chairs, 66 investors, music stops.  Ouch.

Read the whole story:  Investment News/Active investors expect to beat S&P 500 in 2011

Related post:  Illusory Superiority

"The race is not to the swift or the battle to the strong, nor does food come to the wise or wealth to the brilliant, but time and chance happen to them all."
-- Ecclesiastes 9:11