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Shooting the Messenger

December 12, 2022 | S&P Dow Jones Indices

The growth of indexing has been driven by the inability of active managers, in aggregate, to outperform passive benchmarks—a phenomenon first reported 90 years ago. Active performance shortfalls can be attributed to three factors: the professionalization of investment management, cost and the skewness of stock returns. Since each of these factors is likely to persist, the advantage of indexing over active management is likely to persist as well.

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