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yeah, for blue chip mega cap stuff it's so tough to beat, even for the pros, that it's not worth the risk. There are pockets (regional deep value being one of them) where the right manager with the right skillset can be successful, but they are few and far between and being able to pick that manager out from the crowd is tricky.
His argument was that it did pay to be active, and his record backed this up, just not as active as his employer and his investors think he needs to be.
ElGonzo
@andyfallsoff
Basically why vanguard is so popular now isn't it - think people have wisened up to that being the case!
Still doesn't stop me from being tempted to tweak things....