Tobin's mutual fund theorem states that all investors should do their best to buy the market, and that risk-seeking investors should add leverage, while risk-averse investors should hold more cash.
For high-net-worth individuals, it's usually not worth actively managing most asset classes, but it might be worth scouting talent to run private equity, venture capital, and tech stocks, all of which are areas where the top quartile investors substantially outperform the bottom quartile.
For non high-net-worth individuals, it's almost never worth actively managing any asset class. The costs of management equal or exceed the probable excess returns.
For high-net-worth individuals, it's usually not worth actively managing most asset classes, but it might be worth scouting talent to run private equity, venture capital, and tech stocks, all of which are areas where the top quartile investors substantially outperform the bottom quartile.
For non high-net-worth individuals, it's almost never worth actively managing any asset class. The costs of management equal or exceed the probable excess returns.