Active investors had an awful year in 2021 as the market surged. What they consistently do wrong

A specialist trader works inside his post on the floor of the New York Stock Exchange (NYSE) in New York City, March 10, 2022.
Brendan McDermid | Reuters

Stock pickers continue to underperform, and it isn't getting any better.

The S&P Dow Jones Indices annual SPIVA survey on the performance of active mutual fund managers indicates that 79% of these managers underperformed their benchmarks last year.

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