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The Investor Is Fleeing, and Other Market Myths

The Investor Is Fleeing, and Other Market Myths
Photograph by Jonatan Fernstrom

Our 220-year-old stock market is a powerful assemblage of companies, strategies, directors, flacks, hucksters, and heroes joined by a spirit of capitalism that can marry Taco Bell with Doritos.

But why stop at that if you’re the financial services industry? What’s especially great about the market is how nicely it lends itself to marketing razzle-dazzle: “value-add,” as they call it on the Street. How else would a mutual fund industry whose active managers generally lag their market benchmarks still be worth nearly $12 trillion?