The inconvenient truth about active investing

Active Investing: Simple math proves it's a loser's game.

The world of investing is populated by two kinds of people: those who believe in active investing and those who don't. Active investors seek a performance advantage by moving in and out of the market or individual securities. Passive investors, on the other hand, seek to earn the market return as efficiently as possible.

After spending most of my career as a foot soldier in the war for active managment, I have had a change of heart. Read my white paper to find out how Nobel Prize laureate William Sharpe changed my mind. But I warn may never view the markets the same way again.