Nobody can establish who first used the phrase 'evidence-based investing', and no regulator defines it. Robin Powell, who was given the name by Larry Swedroe in 2015 and is sometimes wrongly credited with coining it, sets out what it actually means: four tests of what counts as evidence, borrowed from a medical parallel that hit the same crisis twelve years ago. Including where he goes further than a global tracker, and why he holds that position less firmly than he used to.
Active share was meant to identify fund managers worth paying for. A new study covering four decades of US fund data finds that high active share funds now systematically underperform low active share funds. The reversal began in 2010 and coincides with the rise of passive investing creating structural pressure on active managers.
