Question: A recent study on active portfolio management found that in an observation period of 10 years, 85% of managed funds invested in large capitalization stocks

A recent study on active portfolio management found that in an observation period of 10 years, 85% of managed funds invested in large capitalization stocks underperformed the S&P 500 and in 15 years, almost 92% are found to be trailing the index.


Discuss if portfolio managers are relevant in an Efficient Market.

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