What do presidential debates and an argument between passive and active investors have in common? They are both thrilling, demand the highest levels of rhetorical skills, don’t change audience opinions, and everyone goes home entertained. While presidential debates remain as exciting as ever, the shrillness of conversation between active and passive investors seems to have lessened. One could argue that this change is due to (1) a smaller degree of outperformance of star managers, (2) a convergence of fee differentials, and (3) the investment industry widening its focus to offer more solutions.
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