^^^^^^^ 
I think the main issue with Mutual Funds is that they are "restricted" generally to investing in their core stocks that the fund was set up for in the beginning. The problem with that is the market is cyclical in nature... and if the hot stock is Chipotle Mexican Grill -- and your mutual fund is into "financials" -- they can't buy it.
That -- and when you look at the top 10 holdings of a fund -- you think -- WOW! That's all good stuff... but when you look deeper -- it's the next 90 that are dragging 'em down. If you could just take your top funds -- and buy only the biggest holding in each one of them... you'd make money. Thus - self directed investing.
Check out Mutual Funds -- write down the top 2 names in each one -- and then look them up -- and their total return -- and my bet is you'd make money hand over fist. But buy the mutual fund -- and you're getting mediocre returns or negative returns. Sad.