98% of Canadian Equity Fund Managers Failed to Beat Index Over 15 Years

What was said

"I think in the US, 90% of large-cap managers underperformed the S&P 500 over the last 15 years. Then you brought up this Canadian stat where it was even more dramatic. It was 98% of Canadian equity managers that failed to beat the S&P/TSX."

Brodersen and Fagan discussed statistics showing 90% of US large-cap managers and 98% of Canadian equity managers underperformed their respective market indexes over 15 years. This data supports their argument that complexity in portfolio management typically destroys rather than creates value for investors.