Only time will tell

It seems that fund managers are not to blame for investors' underperformance after all. This will come as a disappointment to those who have found solace in cursing the names of their erstwhile favourite star managers as their portfolios plummet. However, this does not mean that there has been some huge mistake and all investors in funds are unknowingly richer than they think they are; nonetheless, relative to the index, UK managers (this research covers only UK managers, but it seems likely that the principles will hold elsewhere) have, on average, outperformed the index since 1986. And...