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The Tell: Is this the simple reason stock picking on Wall Street is dying?

Much has been made about the death of stock picking, in the advent of exchange-traded and passive funds that track popular equity benchmarks. But The Wall Street Journal’s veteran columnist Jason Zweig offers an alternative reason for the challenges facing money managers whose aim it is to meticulously select winning investments.

It isn’t just that active trading is doomed to failure because no active managers have demonstrated an ability to consistently and substantially outperform benchmarks like the S&P 500 index SPX, +0.16% the Dow Jones Industrial Average DJIA, -0.01% and the Nasdaq Composite Index COMP, +0.46% over time.

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