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The active mutual fund (MF) industry keeps repeating the statement that ‘the average Indian active MF beats the index and delivers alpha’. And they use various deceptive arguments to support this statement.
These, however, are not borne out by data. The belief in the fairy tale of alpha is dangerous because it will tempt investors to save less for retirement; invest too much in equities believing that an active MF will partially insulate them against ...
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