The managers running the biggest active funds picked stocks that beat the market in 2025 — and most still lagged their benchmark. A Morningstar do-nothing experiment and a body of academic research explain why active funds underperform even when the picking is good: skilled buying undone by poor selling, the hidden cost of trading, and the incentives that keep managers churning. The UK evidence points the same way.
The user wants a meta description snippet for SEO purposes, including the primary keyword "Bitcoin safe haven".DoneBitcoin was sold as digital gold — a Bitcoin safe haven for volatile markets. But every time a real crisis has tested that claim, it has failed. Here's what the evidence says.
Stablecoin risks could trigger financial crisis as £280bn market lacks regulation. Nobel laureate warns of taxpayer bailouts while academic research shows instability during stress periods.
Robin Powell
Sep 8, 20259 min read
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