The Ledger
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Most active mutual funds underperform decades-long benchmarks, guaranteeing indexers top-quartile performance
“85 to 90% of actively managed mutual funds underperformed the benchmark they have sought to be. Not every year, but every decade, every 20 years, and if you want to be in the top half of the top quartile, all you have to do is index, and you'd be there.”
Benchmark allocates equal carry to newly hired and senior partners
“Benchmark says that it achieves the same effect because it has this equal partnership structure where If there are six partners, let's say, and they bring in the seventh, even if the seventh is inexperienced and younger and so forth, that new partner gets the …”