http://www.bloombergview.com/articles/2016-04-27/why-active-investment-management-comes-up-short-barry-ritholtz

The markets have gotten more efficient and the alpha is gone.  Active funds are having a tougher time making money.  Why?  Increased competition, stricter regulation (insider trading crack-downs), and the internet democratizing information.

Nice quote about mom and pop “main street” investors:

 

[Main street investors] have decided to take their ball and go home… and by ball, I mean capital, and by home, I mean low-cost index funds.

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