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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 your inflation hedge protects against the wrong kind of inflation
New research from the *Review of Financial Studies* covering 56 years of data and eight asset classes shows that the popular inflation hedge — shares, gold, property funds, commodities — only protects against energy inflation. The slow, grinding core inflation that actually erodes purchasing power year after year goes unhedged. Here's what the data say, why the investment industry hasn't fixed it, and what to do instead.
Robin Powell
May 118 min read
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
The Bitcoin safe haven myth has been exposed (again)
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.
Robin Powell
Feb 178 min read
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