The WSJ reported this weekend that 73% of active fund managers failed to beat the S&P 500 last year. Over the past deca…
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The WSJ reported this weekend that 73% of active fund managers failed to beat the S&P 500 last year. Over the past decade, 87% failed. Now my own industry. Per Cambridge Associates, only the top quartile of VC funds consistently beats the S&P net of fees. Roughly the same failure rate. So why lock up capital for a decade and pay 2 and 20 for the same odds? Persistence. A public manager who wins this year has random odds next year. In private markets, a fund’s returns track its own previous two…
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