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Story of the Hare and the Tortoise

In recent years, we have constantly been reading about how stock markets have been rallying and this in turn has been resulting in fund managers having a headache (LINK). Why? Clients when comparing the fund's performance and the Index's performance would probably only see a marginal difference. Perhaps the fund may even underperform the index net of fees. Furthermore, this has resulted in managers ‘closet indexing' (LINK) and this phenomenon has been on the rise (LINK). Hence, this led me to think of a story that we are all very familiar...