Ann: Trading Halt, page-24

I didn’t say you could have predicted it. I got it wrong myself, however wasn’t over exposed. As someone said above, active managers end up taking larger risks with your money to generate alpha. They took on too much China risk. and that alpha is often only 0.5% to 2% if they beat it. So why bother? It’s highly unlikely any manager gets more than a couple years of alpha based on stats, then the underperformance offsets the alpha.

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and just like that you realise an index fund was better. Equally you don’t even need to watch it.