 |
| Image credit |
A post in English and German.
Schneiden aktive Strategien besser ab als Indexfonds – wenn Aktienkurse in südliche Richtung abdrehen?
Es sieht nicht danach aus. Wie die unten angesprochenen Studien belegen, erweist sich das passive Portfoliomanagement auch in Bärenszenarien als überlegen:
The studies aren’t perfect, but they do seem to provide useful down-market data.
What do they show?
An S&P Dow Jones report from 2009 might be a pretty good place to start.
This report showed that, “A majority of active funds in eight of the nine domestic equity style boxes” underperformed their appropriate indices in the 2008 down-turn and produced “similar outcomes” in the 2000 and 2002 bear markets.
In an arguably more robust fashion, in 2001, the Schwab Center for Investment Research also found the following in the study I referenced at the beginning of this post. After analyzing the performance of over 2000 actively managed funds and 120 index funds during market declines between December 1986 and March 2001:
- Index funds outperformed actively managed funds in 55% of the down markets
- In the worst downturns, defined as declines of 10% or more, index funds outperformed actively managed funds 75% of the time
- In the longest downturns, defined as declines of 5 consecutive months or longer, index fundsoutperformed actively managed funds 100% of the time
I’m sure this debate will continue in a robust fashion, but if you think Buffett, Munger and many other seasoned professionals are correct when they suggest that the key to success is avoiding mistakes, then the independent evidence seems to be clear.
Source/Quelle
No comments:
Post a Comment