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Why active funds underperform even when the manager picks well
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.
Robin Powell
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Why gold's inflation hedge fails in a crisis
Gold is the world's most popular inflation hedge — and one of the least reliable. Drawing on 126 years of data and the 2026 Strait of Hormuz crisis, this article examines why the gold inflation hedge fails precisely when investors need it most, and what actually protects purchasing power instead.
Robin Powell
Apr 138 min read
Is gold a good investment?
As gold soars to record highs in 2025, investors are asking the timeless question — is gold a good investment? History says otherwise. Drawing on 200 years of academic evidence, this article reveals how gold manias form, why even smart people get caught up in them, and why disciplined, diversified investors consistently come out ahead.
Robin Powell
Oct 14, 202517 min read
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