Ny artikel av en av mina favoritrådgivare Larry Swedroe:
Några citat:
Unfortunately, that same empirical research has found that the gross alpha (risk-adjusted outperformance) generated has not been sufficient to offset active managers’ implementation costs, which include not only the fund’s expense ratio but its trading costs and the drag from holding cash—their net alphas (the only kind investors care about) are negative. Of course, since generating even gross alpha is a zero-sum game (generating net alpha is a negative-sum game due to costs), there must be losers. And the losers, as a series of studies by Brad Barber and Terrance Odean have demonstrated (for example, here), have been retail investors—the stocks they buy go on to underperform, and the stocks they sell go on to outperform.
Samt:
The first takeaway should be that active investors appear to be subject to the same biases, including the endowment effect, as are individual investors—biases that negatively impact their performance. Systematic funds (such as, but not limited to, index funds) have the advantage of not having any human biases that can negatively impact their performance.
