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  1. The Consequences of Underperformance

    The following message is my reply to an online publication that made the argument for actively managed funds over passive index funds. The author discussed fees for both vehicles so it is not mentioned in this response. Though the message is intended to address actively managed mutual funds, the same can be applied to any attempt to outperform.
    One issue with actively managed funds is that the lead manager can bail out to a different fund or company at any time. This is like ...
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