Beware of index fund fundamentalists

This article recasts earlier research on index fund performance. A differen t time period shows the opposite results for index fund superiority over ac tively managed funds. Over the past 20 years, the end result is that neithe r passive nor active management as a whole wins, as common sense would sugg est. Even if active management as a whole were to lose in the future, it is shown how one may use active management to create superior portfolios.