In his recent interview with WealthTrack, Charles Ellis, author of the investment classic Winning The Losers Game discussed his timeless investing advice, including his thoughts on the active management business. Here’s an excerpt from the interview:
Ellis: The talent pool of people who are involved in investment management keeps going up. The Darwinian process by which the guys who aren’t really really good get weeded out, keeps getting tougher and tougher. So the game gets harder and harder and harder until now it’s basically baked in that it’s going to be, impossible is too strong a word, but very very unlikely that any particular manager will do as well or better than their benchmark.
You can watch the entire interview here:
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