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army1987 comments on Open thread, Oct. 20 - Oct. 26, 2014 - Less Wrong Discussion
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Sure, it's not like these are mutually exhaustive. Then again, hiding cash under your mattress probably isn't better than index funds either.
My point is not that investments betters than index funds can't exist, it's that it's hard for most people to know what they will be ahead of time.
An "index fund" is not an investment. It's a large class of very diverse investments with different characteristics.
Reading charitably, the advice the invest in an index fund really says "your investment portfolio should be diversified". That is generally true, but woefully inadequate as a sole guideline to figure out where to put your money.