As the company that pioneered the concept of index fund investing and currently has a whopping $11 trillion in assets under management, Vanguard is the ultimate heavyweight in the American stock market. (1) So when the company puts out a report about the future of the stock market it’s worth closer attention. In July, the company published a 10-year forecast for a wide range of asset classes, ranging from municipal bonds to mortgage-backed securities. (2) But it’s the forecast about stocks that should ra ...

But it's not just happenstance that professionally managed funds have underperformed the S&P 500 recently. There are systemic reasons why the vast majority of professionally managed funds will underperform the index over time. That's evidenced by the 20-year track record of professionally managed funds: 91% underperformed over the last two decades. And I'd bet the next 20 years will look pretty similar.You might have put together by now that the ETF that can consistently outperform most professionally manag ...