FYI: Propaganda dies hard.
Even as evidence continues to mount that stock pickers have underperformed the market averages, active managers insist that they will make a comeback. Analysts at Bank of America Merrill Lynch found earlier this month that 63% of active fund managers investing in large U.S. stocks outperformed their benchmarks in April, the best since February 2015.
Stock pickers claim that the rise of market-matching index funds, along with artificially low interest rates, have driven all stock prices up, making it unusually hard to pick winners. But active managers, they say, will prove their worth again when the market finally goes down.
Regards,
Ted
http://jasonzweig.com/sorry-stock-pickers-history-shows-you-underperform-in-bad-markets-too/
