So Sayeth Charlie Ellis

I’ve always been a fan of Charley Ellis. He has constantly challenged our industry to be better, criticizing the inability of the investment management business (he prefers to call it a business rather than a profession) to beat the market. He, like many other investors, has a bias for passive investing. He contends that increasing management fees (arguably, he’s referring to mutual funds here) and shrinking returns spell the end of “active” management.

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