Agreed but my point is, that you don’t need a manager outperforming year in year out, and a more relevant stat would be how many out perform over a 5 year period. He was suggesting passive is better than active because it’s nigh on impossible to predict which manager will be in the top 6%, which to me isn’t relevant, and hence disingenuous imo.
The small cap outperformance is great info and makes sense as it’s more likely small Aussie caps have a higher relative amateur ownership.
We have all been burned - LSF, page-66
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