Financial advice consolidation in the UK has put private equity in control of hundreds of firms. Here's what vertical integration and hidden conflicts mean for your money.
Why do mutual funds underperform? New research from the University of Sydney reveals that at least 55% of fund performance is attributable to luck, not skill. Worse, luck actively predicts future underperformance: lucky funds attract inflows, grow too large, and lose their capacity to generate returns. Morningstar's five-star funds significantly underperform one-star funds in subsequent periods. Stop chasing yesterday's winners and own the market at low cost.
Robin Powell
Jan 56 min read
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