'The weak players are leaving the poker table,’ and it’s killing mutual funds

From Money Game: ETFs
January 7, 2017 - 7:04am

Warren Buffett famously said that if you’ve been in a poker game for half an hour and "you don’t know who the patsy is, you’re the patsy.’” When it comes to the stock market, the patsy is leaving the table. That's according to a big note from Credit Suisse strategists led by Michael J. Mauboussin. The investment world has seen an accelerating shift from active fund managers to passive management, and this trend is shaping the way the industry operates.  "The investors leaving active managers are likely less informed than those who rem



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