主动管理真的一无是处?

Challenging the Conventional Wisdom on Active Management:A Review of the Past 20 Years of Academic Literature on Actively Managed Mutual Funds

自1997年具有里程碑意义的共同基金研究报告发表以来,已经过去了20多年,报告结论否定了具备专业技能的投资组合经理的存在,形成了主动管理不会创造价值的传统观点。我们将回顾有关主动管理共同基金的研究成果,以评估当前的研究在多大程度上仍支持传统观点。对此,本文认为传统观点对主动管理价值的评判过于消极。

Just over 20 years have passed since the publication of Mark Carhart’s landmark 1997 study on mutual funds. Its conclusion-that the data did"not support the existence of skilled or informed mutual fund portfolio managers"formed the conventional wisdom that active management does not create value for investors. We review the literature on active mutual fund management to assess the extent to which current research still supports the conventional wisdom. Our review suggests that the conventional wisdom is too negative on the value of active management.