Why do portfolio managers manage portfolios?

It amazes me that there is such a profession. The assumption is, this professional can and will manage your portfolio and make money, more than their management fee, for you.

If I were sure I could do this, would I not simply manage my own portfolio? Why would I settle for a fee when I can make more than that for you, or for me?

Do portfolio managers manage portfolios because they are guaranteed a fee, generally a percentage of assets, and they believe that this is a better bet than being one of their own clients?

It is a dumb question, eh?

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