FYI: Imagine this: Every day, the world’s active fund managers play a round of golf. But every night, hardworking crews build new sand traps. They also roughen up the grass. They build new ponds every night that they hope might swallow balls.
Every player wants to do well. But most fall short. Some toss their clubs in frustration and stomp off the course long before the 18th hole. The golf course officials say, “About two-thirds of the players fail to beat par.” But they don’t count the players who quit in disgust. If they counted the quitters, their results would look a lot worse.
Regards,
Ted
https://assetbuilder.com/knowledge-center/articles/why-it-keeps-looking-worse-for-actively-managed-funds
