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Monkeys Are Better Stockpickers Than You’d Think

“A blindfolded monkey throwing darts at a newspaper’s financial pages could select a portfolio that would do just as well as one carefully selected by experts,” Burton Malkiel famously argued in his classic 1973 book, A Random Walk Down Wall Street.

Malkiel may have given too little credit to monkeys.

Start with the record: U.S. large-company mutual funds have routinely failed to beat the Standard & Poor’s 500 index since S&P began keeping score in 2002. Over the past five years, for example, 73% of active funds have fallen short of that benchmark. Today’s fund families may appear well-stocked with winning funds, but that’s in part because 26% of U.S. stock funds were merged or closed during the past five years.

via Monkeys Are Better Stockpickers Than You’d Think – Barron’s.

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