Finance
Stock Pickers Never Had a Chance Against Hard Math of the Market
In years like this one, when just a few big companies outperform, it’s hard to assemble a winning portfolio.
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Consider two assertions about the much-maligned stockpicking industry.
First: Only 1 in 3 active managers can beat a nearly free fund tracking the S&P 500. Second: Active managers taken together possess discernible investing skill.