We’ve talked a lot about active versus passive management in this blog. While passive has been winning the fund flow battle, there are still a lot of people that believe active funds are better because there’s an investment professional running them and making “professional” decisions. Here’s a link to a post by Larry Swedroe on Evidence Based Investor blog with a detailed discussion of academic studies assessing skill versus luck and active versus passive investing. It’s worth the read. Spoiler alert: the conclusion isn’t any different from what we’ve discussed previously.