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"Most active managers underperform most of the time."

"Above-average past performance does not predict above-average future performance."

"The tendency for underperformance typically rises as the observation period lengthens"

"Although SPIVA started by simply examining active U.S. equity managers, data on fixed income and global/international managers produce the same results."

"When good performance does occur, it tends not to persist."

"Gross of fees, most active managers underperform most of the time."

"Most institutional managers underperform most of the time"

"After adjusting for risk, most active managers underperform most of the time"

"Vad är det du vet om Coca-Cola (eller en annan aktie) som inte marknaden redan vet?"