John Authers, Columnist

Look on This Chart, Fund Managers, and Despair

It’s a cruel world for stock pickers when barely 20% of equities beat the S&P 500.

December 4, 2019 at 5:31 AM UTC

John Authers is a senior editor for markets and Bloomberg Opinion columnist. A former chief markets commentator at the Financial Times, he is author of “The Fearful Rise of Markets.”

This is about as miserable as it gets for active equity managers.
Photographer: SERGEI SHAKHIJANIAN/AFP via Getty Images

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We know life isn't good for active equity managers. But just how bad is it?