Did you get to watch the beginning of the rugby world cup quarter-finals in New Zealand?
Wow … if you did you would have witnessed the amazing passion displayed by each team as they belted out their national anthems before the games began.
Each team looked determined and confident that their game plan … coupled with their passion … would bring victory.
But passion and a belief doesn’t let them all win.
It’s the same with active fund managers who say they can pick the best stocks.
They are passionate about their processes, skills and knowledge and fervently sing their company anthems.
But the latest Standard and Poor’s SPIVA report to June 30 stated that 77% of active fund managers failed to beat the ASX 200 benchmark.
A horrible scoreboard indeed; and one which means investors using their services were the main losers.
Maybe a ‘wallaby’ throwing darts to choose stocks would have been better?