Active investment managers have been taking a beating through most of the eight-year bull market run for stocks, and Berkshire Hathaway's Charlie Munger thinks the pain isn't going to stop anytime soon.
Much has been made over the poor performance of stock pickers. Fewer than 1 in 5 beat the S&P 500 in 2016, driving half a trillion dollars of investors cash into indexes, primarily through passively managed exchange-traded funds.
During a talk Wednesday, Berkshire's vice chair had little comfort to offer.
"The index thing is absolute agony for investment professionals … who have almost no chance of beating it," Munger said. "Most people handle that with denial ... I understand — I don't want to think about my own death, either."