How much of your portfolio should be in stocks? It's one of investing's most important questions — and the standard answer is costing the average investor the equivalent of 2% of their lifetime consumption. Yale economists have finally built something better, and it fits in a spreadsheet.
New Morningstar research reveals the link between fund fees and performance has strengthened dramatically. A decade ago, some expensive funds generated enough alpha to partially justify their costs. Today, fees explain almost everything. The skill component has essentially vanished.
