Here’s my chart for today. I’ll talk about it shortly after 3:30 p.m. Eastern (12:30 p.m. Pacific) on the Bloomberg Businessweek radio show. Also, I’ll present my Stock of the Day just after 4:05 p.m. (1:05 p.m.) on the radio and later on social media. You can hear me on Bloomberg Radio or see me at Bloomberg Global News on YouTube. Earlier charts are on my Tumblr page. Thanks for your interest. It’s appreciated.
Stock-picking U.S. money managers are giving investors reason to question their existence, according to James Bianco, president and founder of Bianco Research LLC. He cited the S&P Composite 1500 Asset Management and Custody Banks Index’s relative performance in a Twitter post Wednesday. The industry gauge is poised to trail the S&P Composite 1500 for the 10th time in the past 13 years, according to data compiled by Bloomberg. The ratio has dropped as much as 15% this year and set a record low on Sept. 15, when it was down 56% from a peak in February 2008.
David Wilson Stocks Editor, Bloomberg RadioEditor, Chart and Stock of the DayStock of the Hour, Bloomberg Television Author, Visual Guide to Financial Markets