“More bad news for actively managed mutual funds: A ’survivor bias’ in the Morningstar mutual fund data relied upon by most individual investors and financial advisors has the effect of ’systematically and significantly’ overstating the performance of actively managed mutual funds relative to their related indexes for the 10-year period from 1995-2004, according to a major new study to be released today by Savant Capital Management Inc., of Rockford, IL., and the Zero Alpha Group (ZAG).” (Thanks kottke.org!)

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