all them apply but at the heart of it is that individuals buy mutual funds deep into bull markets (all their friends are talking about getting rich) and sell mutual funds deep into bear markets (fear is pervasive)
Thus funds are forced to buy and sell at all the wrong times, even though managers know better.
One kind of fund may be a good buy- closed end funds, but only at the worst of the bear where many have significant discounts- pick a closet indexer type, some of the discount will go away soon after he bull starts. It’s like getting a dollar for 85 cents