Stock pickers are seeing record inflows, but still won't outperform the market, says investing legend Charley Ellis
1. 73% of active managers underperform benchmarks after one year. 2. 95.5% miss the mark in five years, with none succeeding after fifteen years. 3. Growth of passive funds raises concerns about the future of active management. 4. The ETF space grows amid a focus on low fees but poses investor risks. 5. Technological equality makes finding an edge in active management increasingly difficult.