FYI: Like clockwork, each year the S&P Dow Jones Indices Versus Active (SPIVA) scorecards report actively managed funds’ persistent failure to outperform appropriate, risk-adjusted benchmarks. The only thing different, it seems, is that each year the active management community contrives yet another explanation for its failure. And each time, those explanations are exposed as lame excuses, without any rationale to support them.
Regards,
Ted
http://www.etf.com/sections/index-investor-corner/swedroe-excusing-actives-failures
