Matt Levine, Columnist

Passive Investors and Insider Traders

Also "Enron accounting," bonuses versus cocos, typos and non-GAAP accounting.

Active vs. passive.

This week S&P Dow Jones Indices released its annual SPIVA scorecard measuring how mutual fund managers performed relative to indexes. Last year, "66.11% of large-cap managers, 56.81% of mid-cap managers, and 72.2% of small-cap managers underperformed the S&P 500, the S&P MidCap 400, and the S&P SmallCap 600, respectively," and