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 new academic study reveals what active fund management really sounds like behind closed doors. King's College London professor Crawford Spence interviewed 28 senior fund managers and found an industry that runs on faith rather than evidence — privately conceding it overcharges and underperforms, and now pivoting to retail investors as institutional clients leave. Here's what they say off the record, and how to stop paying for someone else's faith.
Robin Powell
May 78 min read
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