Swedroe: Don’t Buy Winners
For almost five decades, the literature on the investment performance of mutual funds has found that very few managers possess sufficient stock-picking or market-timing talent to allow them to consistently and reliably produce positive risk-adjusted performance after considering their fees. In other words, there’s little to no evidence of outperformance beyond the randomly expected.
Swedroe, Larry, "Swedroe: Don’t Buy Winners" (2016). In the News. 1053.