Interesting long article about the demise of alpha – that is a positive return over and above what the market can intrinsically produce.
I would probably add that there has never been a situation in history where money managers have en masse produced alpha, so the situation being described is not new. Fund managers have always struggled to generate any form of return above that of the market. It is one of the few fields in the world where the mediocre are so well paid. To steal from Churchill – Never was so much paid to so so few for so little…..