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Is It Getting Harder to Outperform?

Although it continues to be clearly documented by ongoing academic research that active managers who attempt to outperform benchmarks via stock selection and/or market timing consistently fail, this fool’s errand continues to persist because of the high fees generated by doing so. In this brief, 3-minute video, my colleague and friend Robin Powell, highlights some of the ongoing hurdles these speculators face because of their long-shot bets.