Shorter active fund managers: "Passive funds are making us look bad because they outperform us!"
Invoking the EMH in this context is bizarre, though: if it was fully true, an active fund manager would be as useful as an active roulette manager.
Invoking the EMH in this context is bizarre, though: if it was fully true, an active fund manager would be as useful as an active roulette manager.
Without fund managers doing the work of price discovery cheap index funds would cease to work. Fund managers are right to be miffed about that.