I recently read that New Jersey’s pension fund paid over $700 million in investment management fees in 2015, almost all to active managers. New Jersey’s pension is horribly underfunded, and over 800,000 middle class people depend on the system for a secure retirement. Somehow, the state has the money to pay active managers three quarters of a billion dollars to underperform the S&P 500 index fund. Essentially, active management is the anti Robin Hood. These folks take from the poor to make themselves richer. Continue reading “Active Management is the Anti Robin Hood”