[Interview] Why active managers destroy value

A friend passed this article on to me. It is an interview with Charely Ellis by Robin Powell from the Evidence-Based Investor blog. Robin introduces Charley as follows:

For me, Charley Ellis is one of the investing world’s great consumer champions. In the mid-1970s, he became the first industry insider to acknowledge that most active fund managers fail to beat their benchmarks and that investors are far better off using low-cost index funds instead. His central argument was that the rarit...