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. Malkiel is basically saying that the asset-management industry has no economic justification for being as big and rich as it is. As tests go, Bogle''s had its flaws. When markets struggle, they do.
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