Performance Anxiety

Here’s 4Q 2010 numbers from Morningstar on active managers vs. their index.  It’s a bit dated, i know. I just found it sloshing thru all of my new datasets with them.  But believe me, the market moving straight up has probably only made the comps worse.

What’s cute about Morningstar is that they still don’t include trading costs in this analysis–which would push everyone lower vs. the index still.

Even still, every manager i know is ALL-in right now, scrapping everywhere they can for something resembling alpha (and luck).

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