Creo que este es el hilo adecuado para este paper que me ha parecido muy interesante:
Destaco un par de frases:
“The relative likelihood of underperformance by investors choosing active man- agement likely is much more important than the loss those same investors take due to the higher fees of active management relative to passive index investing. Thus, active management may be even more challenging than previously believed, and the stakes for finding the best active managers may be larger than previously assumed.“
“ … since that implies that active equity managers are doing something that systematically leads to underperformance.”
“the entire gain in the U.S. stock-market since 1926 is attributable to only 4% of the stocks”
“It is far more likely that a randomly selected (small) subset of the 500 stocks will underperform than overperform, because average index performance depends on the inclusion of the extreme winners that often are missed in sub-portfolios”
“since stock selection itself increases the chance of underperformance relative to the chance of overperformance in many circumstances”
“Put another way, passive investing may have a larger head start on active investing than previously believed.”