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← Implications for Active Investors
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Question
Why is active management described as a "negative-sum game" rather than a "zero-sum game"?
1
Because some investors are irrational and always lose
2
Because passive funds always outperform in bull markets
3
Because costs mean that active investors in aggregate must underperform the passive benchmark
4
Because there are more active investors than passive investors
Press 1–4 to pick an answer
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