https://www.morganstanley.com/ideas...6045&et_mkid=c507b11576b768ba12c5c11df1908b18 Morgan Stanley's letter on portfolio strategies
While I agree with that in general, who is selling those actively managed funds? First sentence on Morgan Stanley's website: "We are active managers of capital, working to outperform the market and deliver results for our clients." Oh. How convenient. So the guy from the bank is telling people to pay the bank to let them manage their money in hopes of improving returns relative to passive. How did active funds do in 2008 / early 2009? https://www.researchaffiliates.com/...f_2009_march_2008-worst_year_ever_active.html
Self-serving pablum. When it comes to writing meaningless drivel designed to evade any hint of a conclusion, politicians can learn a few things from financial executives. My favorite from a recent Bloomberg TV interview with a financial adviser: "There is a 50% chance that the market will be lower next year."
h4m compares actively managed fund performance in portfolio to index funds in portfolio: "I'm good bro".