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We are not benchmark huggers. We are not trying to beat the S&P 500 by 2%. We are trying to capture the returns of transformative innovation.
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The investment management business is built on a simple and false premise: that talented professionals can systematically beat the market.
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A blindfolded monkey throwing darts at a newspaper's financial pages could select a portfolio that would do just as well as one carefully selected by experts.
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The evidence is overwhelming that active managers as a group cannot beat the market after fees.