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.
Prediction markets and sports betting price outcomes almost as accurately as the stock market prices companies. A new Morgan Stanley report explains why that shared accuracy still leaves nearly every bettor poorer, and nearly every long-term investor richer.
TEBI
3 days ago4 min read
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