If ETFs and index fund are momentum driven...
How do you explain 50 odd years of outperformance? And that period is only confined, due to the lack of records or an established index tracking mechanism.
Are you stating there hasn't been a downturn in the last 50 years. Rhetorical question of course, as we have seen significant downturns over this period.
The fact remains following the index has outperformed the vast majority of active managers - emphasis on vast.
I get what you are saying - but you need to understanding it's just the advertising slogans of active managers.
They have been vocal about their assumed ability to outperform during a downturn since the beginning of time. Sadly, as we have seen - when the market falls so do the managers professing a god like ability to predict the future.
Those who do manage to protect capital in a downturn, often then fail to get back into the game when the market turns for the better.
I would love to agree and turn my nose up at the "dumb money". However, that so called "dumb money" has been outperforming for longer than I have been alive.
There will always be a place for active management, but it can't rely on common myths.
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