Former bond king Bill Gross thinks he might be one of the last of his kind as it gets increasingly tougher to beat the market."I think there are things to look at that still exist in the market that can generate alpha," the Pimco founder and, later, Janus Henderson fund manager told Bloomberg."The probabilities of generating historical alpha in the same way are much less than they were.
The result has been years of underperformance by stock pickers as well as fixed income fund managers like Gross.However, as central banks have begun to normalize policy active managers have fared a little better. In 2018, about 43 percent beat their benchmarks, according to Bank of America Merrill Lynch.
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