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I think it's one way of saying as a retail investor if you pick an active fund and it outperforms a tracker long term you got lucky, even though you might erroneously put it down to good judgement.
Kinda knowing what you don't know.
I wouldn't say this holds true for people who have much deeper knowledge than a retail investor could ever have, i.e. if you work in finance.
Howard
That's a really good argument for doing nothing your whole life. Making informed and sensible decisions based on market conditions is better than blindly hunting for the lowest fee. Houses for courses mate.