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- #169: How Many Active Managers Beat the S&P500?
#169: How Many Active Managers Beat the S&P500?
S2N Spotlight
2009 was the last time the majority of active managers beat the S&P 500.
As you can see from this chart, beating the index is bloody hard. I wonder how many financial advisors or wealth managers would be honest enough to share with their clients that their ability to pick an active manager that will beat the index is as good as a monkey throwing darts at the financial page of the stock market to pick a portfolio.

S2N Observations
I have been out all day with lots of unrelated obligations, so no observations today.
Performance Review






For those who are new to the letter, the shading is Z-Score adjusted so that only moves bigger than usual for the symbol are highlighted.
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