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.
A major Morningstar study of more than 5,800 funds has delivered a clear verdict on concentrated funds: they charge higher fees, deliver lower returns, and suffer deeper losses than their more diversified peers. The evidence suggests most investors would be better off on the main road.
Robin Powell
Feb 238 min read
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