Earlier generations of investors were prepared to believe that the returns achieved by fund managers were down to skill. Now it has become clear that the returns were the result of factors that can be replicated. Like shoppers on a budget, investors are trading down from expensive brands to white-label goods. That may put many active managers out of a job.
user-inactivated:
It should be noted that this
have the ability to “go short” (bet on their prices to fall), something that ETF funds cannot do
is completely false, as far as I know. Also 'ETF funds' is redundant. Hmm.