Over the last 15 years, barely 10% of funds referenced to the S&P 500 achieved a return superior to it. It is a predictable result if we apply the logic of game theory and statistics. As Nobel laureate W. Sharpe demonstrated, before costs, active management is a zero-sum game. Active and passive management must coexist. The former for the market to perform its function, and the latter for it to do so at the lowest cost.
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