A twitter user posted returns for some big hedge funds in 2023 and once again only about 20% of them outperformed the 24% gain in the S&P 500 (congrats to Light Street and Whale Rock, whoever you are).
However 100% of them charged huge fees for either having or not having Magnificent Seven stocks last year.
The lesson here is that passive is king, especially at a time when you can get real returns in fixed income or prefs.... yet here we all are.
