Private equity returns have collapsed as the $3.2 trillion exit crisis deepens. Why David Lloyd's sale to itself reveals an industry model that's fundamentally broken.
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
5 hours ago9 min read
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