Though respected in German industry, he has not been an active manager for a decade.

"Over the long haul, they're pretty hard for active managers to beat."

Actually, the average active manager does far worse than average.

There is no argument that active managers, as individuals, are a fascinating lot.

Anderson is the only active manager to win 800 games with two teams.

"That is probably why active managers fail in the emerging markets."

That is more than three percentage points better than the average active manager.

In theory, an active manager can avoid certain countries that are underperforming.

These two groups of active managers will often have very different performance characteristics.

Will active managers ever again be able to beat the market averages?