Markets

These are the results of the U.S. stock markets over the last time periods since the crash of 2008. At the bottom are the various treasury yields. Importantly, the generality is not necessarily indicative. (For example, all but two percent of stock market advances in the NASDAQ this year is attributable to five companies.)

Notes: All index returns (except S&P 500) exclude reinvested dividends, and the 5- year and 10-year returns are

But....

Over the five-year period, 82.38% of large-cap managers, 87.21% of mid-cap managers, and 93.83% of small-cap managers lagged their respective benchmarks. Similarly, over the 15-year investment horizon, 93.18% of large-cap managers, 94.40% of mid-cap managers, and 94.43% of small-cap managers failed to outperform on a relative basis. So managed funds underperform the general market.