Great article, Jason. Bit of 'the emperor has no clothes' situation, eh?

My comments relate to actively-managed mutual funds.

You say this is a recent phenomenon, but I think it goes back farther than that. I have read from various sources that active management has lagged passive management since the beginning of time.

This topic is so important for retail investors, but while so many people's livelihoods depend on the myth that active outperforms and while advisors don't have a fiduciary standard, this dirty little secret will continue to be swept quietly under the rug.

Thanks for bringing this into the open.

Steve