Nobody can establish who first used the phrase 'evidence-based investing', and no regulator defines it. Robin Powell, who was given the name by Larry Swedroe in 2015 and is sometimes wrongly credited with coining it, sets out what it actually means: four tests of what counts as evidence, borrowed from a medical parallel that hit the same crisis twelve years ago. Including where he goes further than a global tracker, and why he holds that position less firmly than he used to.
The so-called stock-picker’s market is a myth that fund managers use to justify their fees, whatever the market does. Decades of data show that even when conditions should favour active managers, most still underperform. The evidence is clear: simplicity, not stock-picking, wins in the long run.
Robin Powell
Oct 23, 20259 min read
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