Just How Useless Is the Asset-Management Industry?
Harvard Business Review
MAY 16, 2013
M]utual funds in general have met the test of time, and performed in keeping with their stated policies and goals," Bogle concluded. W]e find no evidence to support the belief that mutual fund managers can outguess the market," Jack Treynor and Kay Mazuy of the consulting firm Arthur D. As tests go, Bogle''s had its flaws.
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