Challenging the Zero-Sum Game Assumption
The notion that equity markets are a 'zero-sum game', where active managers cannot outperform passive strategies, has been disputed.
The most popular argument used against active management, the so-called zero-sum game argument, is also the most abused, misused, and misunderstood.
Research suggests that changes in the structure and participants of stock markets may create greater opportunities for active managers to outperform in the future, even in challenging markets like the US.
There are two types of investors: active and passive. Passive investors earn the market return, and active investors, in aggregate, must also earn the market return, as they combine to equal the market.
Author's summary: Active managers can outperform in US large-cap market.
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