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← Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument.

14 connected korrents · 10 moments on record from 11 Jan 2021 to 2 Sept 2026.

Everything filed under stock market stock market Everything filed under value investing value investing Everything filed under market efficiency market efficiency Everything filed under America America Same subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subjectSame subject Read this korrent: Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument. Active investing collectively drags downportfolio returns, and the evidence leavesalmost no counter-argument. Last stated 3 months ago 18 Jun 2026 AD Aswath Damodaran — holds since 2026-06-18 — tap for who they are Same subject: The claim that passive investing has made markets less efficient is overwrought. — tap to centre the map on it The claim that passive investing hasmade markets less efficient isoverwrought. Last stated 3 months ago 18 Jun 2026 AD Aswath Damodaran — holds since 2026-06-18 — tap for who they are Same subject: Most active investors are not hunting for information; they are betting on mean reversion in data everyone already has. — tap to centre the map on it Most active investors are nothunting for information; they arebetting on mean reversion in dataeveryone already has. Last stated 3 months ago 18 Jun 2026 AD Aswath Damodaran — holds since 2026-06-18 — tap for who they are Same subject: Even the most advanced AI cannot be followed blindly in investing, where value added is zero-sum and what is widely known is therefore worth little. — tap to centre the map on it Even the most advanced AI cannot befollowed blindly in investing, wherevalue added is zero-sum and what iswidely known is therefore worthlittle. Last stated 3 months ago 10 Jun 2026 RD Ray Dalio — holds since 2026-06-10 — tap for who they are Same subject: The value-versus-growth distinction does not serve investors well in a fast-changing world. — tap to centre the map on it The value-versus-growth distinctiondoes not serve investors well in afast-changing world. Last stated 6 years ago 11 Jan 2021 HM Howard Marks — holds since 2021-01-11 — tap for who they are Same subject: The worry that AI's returns are locked away in private companies is overstated: well under a fifth of American market capitalisation is private. — tap to centre the map on it The worry that AI's returns arelocked away in private companies isoverstated: well under a fifth ofAmerican market capitalisation isprivate. Last stated 3 months ago 4 Jun 2026 PT Phil Trammell — holds since 2026-06-04 — tap for who they are Same subject: Refusing to commit is the right strategy inside a portfolio and the wrong one everywhere else in life. — tap to centre the map on it Refusing to commit is the rightstrategy inside a portfolio and thewrong one everywhere else in life. Last stated a month ago 28 Jul 2026 NM Nick Maggiulli — holds since 2026-07-28 — tap for who they are Same subject: About a dozen holdings captures nearly all the benefit of diversification; going to fifty adds almost nothing. — tap to centre the map on it About a dozen holdings capturesnearly all the benefit ofdiversification; going to fifty addsalmost nothing. Last stated 3 years ago 20 Feb 2024 BA Bill Ackman — holds since 2024-02-20 — tap for who they are Same subject: The pull of fundamentals that used to reverse market momentum has weakened, so betting on mean reversion is more dangerous than it was. — tap to centre the map on it The pull of fundamentals that usedto reverse market momentum hasweakened, so betting on meanreversion is more dangerous than itwas. Last stated 5 days ago 2 Sept 2026 AD Aswath Damodaran — holds since 2026-09-02 — tap for who they are Same subject: A portfolio you cannot hold through an ordinary market cycle is not a portfolio but a bet. — tap to centre the map on it A portfolio you cannot hold throughan ordinary market cycle is not aportfolio but a bet. Last stated 2 weeks ago 25 Aug 2026 NM Nick Maggiulli — holds since 2026-08-25 — tap for who they are Same subject: Readily measurable indicators of cheapness are no longer sufficient on their own to produce a sustainable investing edge. — tap to centre the map on it Readily measurable indicators ofcheapness are no longer sufficienton their own to produce asustainable investing edge. Last stated 6 years ago 11 Jan 2021 HM Howard Marks — holds since 2021-01-11 — tap for who they are Same subject: The S&P 500’s price-to-sales ratio no longer signals what it once did, because today’s companies earn higher margins. — tap to centre the map on it The S&P 500’s price-to-sales rationo longer signals what it once did,because today’s companies earnhigher margins. Last stated 2 weeks ago 25 Aug 2026 NM Nick Maggiulli — holds since 2026-08-25 — tap for who they are Same subject: Almost all of the dot-com era's exuberance turned out to be warranted; we remember the failures and forget the value that era created. — tap to centre the map on it Almost all of the dot-com era'sexuberance turned out to bewarranted; we remember the failuresand forget the value that eracreated. Last stated a year ago 18 Aug 2025 BT Bret Taylor — holds since 2025-08-18 — tap for who they are Same subject: Almost no mutual fund earns the fees it charges, so most investors are better off buying an index fund. — tap to centre the map on it Almost no mutual fund earns the feesit charges, so most investors arebetter off buying an index fund. Last stated 3 years ago 20 Feb 2024 BA Bill Ackman — holds since 2024-02-20 — tap for who they are Same subject: An investor's starting point should be the portfolio that is best to hold independent of any tactical market view — tap to centre the map on it An investor's starting point shouldbe the portfolio that is best tohold independent of any tacticalmarket view Last stated 2 weeks ago 25 Aug 2026 RD Ray Dalio — holds since 2026-02-19 — tap for who they are NM Nick Maggiulli — holds since 2026-08-25 — tap for who they are
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At the centre Active investing collectively drags down portfolio returns, and the evidence leaves almost no counter-argument. Last stated 18 Jun 2026 · 3 months ago Holds Aswath Damodaran Read this korrent →