Chart Of The Week: Some Folks Are Trying To Pick Stocks Again
Right, so the thing about "alpha" is that it's really fucking hard to generate when benchmarks only go up.
Throw in the rampant proliferation of retail-friendly vehicles that track those benchmarks at a cost of just a few basis points in fees and you've got a veritable nightmare scenario for coke-sniffing, Perrier-Jouët-chugging, "2 and 20"-charging, Hamptons dwellers and also for active management more generally (more on hedge funds, passive-to-active shift, coke, hookers, Xanax, and champ
