Like sailing, successful investing depends on planning, prevailing conditions and skill. For the best part of a decade asset prices have been buoyed by the benign current of low to negative real interest rates and driven by the tail wind of quantitative easing (QE). The macro environment has undoubtedly been highly favourable, but even in fair weather excessive fees act as a drag on performance and investors are asking: is it time to lose the weight of unnecessary expenses and throw active managers overboard?
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