On stage with Claer Barrett at last year’s FT Weekend Festival we asked the audience if they invested in shares directly. To our surprise, two-thirds of the room raised a hand. For starters, who knew rooms had hands?
And the response flew in the face of efficient markets. Stockpicking is impossible. If 85 per cent of US equity funds have underperformed the index over the past decade, what chance has Penelope of Tunbridge Wells?
I have written recently that perhaps there is something deep in the human psyche that believes in active management. Besides, you don’t have to beat an index. Make enough money and who cares?
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