Interesting and yes IU do remember the heated debate. We will...

Interesting and yes IU do remember the heated debate. We will always disagree I think ... I am of the school that suggests that modest outperformance as you put it is a very hard thing to do over time.

http://www.smh.com.au/business/markets/index-funds-beat-active-funds-hands-down-20141008-10rvsk.html

The SMH article points out that over 60% don't even reach the index and that following the index fund seems best - They have beat that over a very long period. Decades in fact. I think that you will find that very unusual and in fact I suspect that if TPG can capture a share of the mobile market it may well become a 4th player eating into the largest player. That plus a few other investments may well keep it tracking above the accumulation index for some time.

Within my portfolio I cannot replace it - Its not a trading stock , nor in my basket is it a growth stock its just a stock that keeps paying me a great dividend. I think on original cost its paying around 5.5% or more with franking credits included. On every other metric its a dog - return on assets ... However each year I get my dividend and can rely on it. I tried the underlying shares but many times I sold as I did not see value in them. The basket however does create an asset I like to hold. It is expensive at times and that has made timing for me a huge thing. I only buy when the discount to underlying shares is around 18% or more. So my maximum buying price is around $16.00 right now - which it has not been below for some time.