Regarding your comment ... “However, the notion that we are now in a stock pickers market, where active management comes to the fore is nonsensical. The research and figures don't lie... passive has been kicking active's butt for the past 50 years. Through good times and bad. ”
That’s incorrect. See below analysis of passive vs active strategies. In summary, active as a group beat passive as a group for a decade from 2000. Then passive beat active for the last decade. Note, some active funds (like WAM and some others in the Wilson stable) have significantly beaten the index since inception (these are of course funds that are better than average).
Re determining performance, I adjust for fees using historical admin costs + management/performance fees as defined in the LIC prospectus. Note, passive ETFs also include admin costs so difference is really just the management/performance fees.
Cheers
WMI Price at posting:
$1.22 Sentiment: Hold Disclosure: Held
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