Denis Healey, the former UK chancellor of the exchequer, likened an attack from his successor, Sir Geoffrey Howe, to “being savaged by a dead sheep”. The same fate seems to have befallen active equity fund managers.
For decades, retail savers have invested in stocks via mutual funds that are actively managed to try to beat an index. The funds hold about 100 stocks, and can raise or lower their cash holdings, but cannot bet on stocks to go down by selling them short.
This model has, it appears, been savaged by a flock of sheep.
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