RIGHT RETURNS, WRONG WRAPPER: active managers that delivered true alpha over 5yrs in the mutual fund wrapper they saw $50b of outflows while ones that delivering it in the ETF wrapper saw $65b of inflows. In fact, even underperforming ones saw inflows. That's gotta suck to do your job so well and ppl bail anyway. This is why ETF share class is such a big deal, one of the reasons anyway. Good stuff from @DavidCohne