Assets in US index-trackers now outstrip those in stock selectors as investors opt for a smoother ride
Water can dramatically change the landscape, as the slow but steady process of erosion creates cliffs, caves and oxbow lakes. A similarly remorseless transformation has been occurring in the fund management industry as active managers have been outcompeted by passive managers . It was a sign of the times at the end of last year when the amount of assets invested in US passive funds reached $13.3tn, according to Morningstar, just pipping the $13.2tn invested in active funds.
There is a reason why companies tend to get paranoid about missing their quarterly earnings numbers; if they do, their shares can fall sharply in price. That makes it harder for executives to plan for the long term. Passive investors, by contrast, will only sell if the stock drops out of the index; they are reliable long-term investors. A related argument against passive investing is that it can lead to bubbles. Active investors will sell shares in overvalued companies and buy cheap stocks.
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