Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
Malkiel poses it for the umpteenth time , and adds to it the observation that expense ratios on actively managed funds have over the past three decades risen substantially, even though economies of scale would seem to dictate that today''s much larger funds ought to have lower expenses as a percentage of assets (domestic equity funds in the U.S.
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