A new study showed that active investments are better than passive.

Is this true?

Brun, I am excited to dive into this because it sounds like

maybe everything that we thought we knew has changed.

Maybe the investment world has now shifted and something we always thought to be the case

is no longer the case if that's so, certainly we should tell our folks about it.

Now look, I think it's important to be transparent.

We eat our own cooking. I think we need to let everybody know.

We love index funds. We've talked about index funds for decades.

And so it's one of those things where when I see a research study, especially from a professor

at a major prestigious university, like Duke University, and then it starts getting press,

and then you guys start sending us articles on it.

I set up a my seat a little bit and I go, well let's get to the bottom.

Are active managers doing a better job than index funds?

Maybe you are not aware of this. Maybe you're not someone who's seen this.

There was recently a research study that came out and a lot of article headlines

have now been picking up the research study and you'll see stuff like this.

Vanguard index funds lose out to its own stock picking fund.

The own active managed funds at Vanguard are doing better than the index funds.

So, uh oh, that does not sound like a good thing necessarily.

Well now, first of all, some of you might be sitting up and you see going, wait a minute,

Vanguard has active managers. Why would Vanguard even have active managers on their roster?

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