I think what he said about passive, index tracking funds was very interesting. The next ten years is going to be the ultimate test case on whether they continue to outperform the vast majority of active managers. You would have to assume that if passive funds continue to outperform circa 70-75% of active managers - the industry will look completely different and most managers will find themselves out of work. There are no excuses for an active manager in this market IMO.
Ann: LSF Investor Webinar Recording - May 2022, page-5
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