What the Failure of Active Managers Proves
by Tim Bock
To be successful, active managers must consistently find mispriced securities. Thus, the failure of active money managers to perform better is hardly a negative; it is solid evidence that capital markets are functioning efficiently.
Source: http://www.investorguide.com/igu-article-995-stock-strategies-active-versus-passive-management.html
Tags: free markets, money managers
