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.
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
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