
Why Most Actively Managed Funds Underperform the S&P 500 Long Term
New SPIVA and Morningstar data show the share of active managers beating the index shrinks the longer you measure — and cost is the main reason why.

Christopher Lee connects international events to the markets, choices and quieter consequences that follow. He writes long-form political and institutional analysis, covers investing method for private portfolios, tracks how geopolitics reaches budgets and demand, and maintains the municipal meeting and deadline calendar for New Jersey readers.