Party’s over: The Nasdaq lost 78 per cent of its value in the years following 2000. Illustration: Steve Lopez/Bay Area News Group/MCT via Getty Images

Fifteen years ago today, the dotcom bubble burst, ending the greatest market mania of recent times. What followed was market carnage on a grand scale.(...)

There are a host of reasons why the vast majority of funds are destined to continue their underperformance in the coming decades. Photograph: Brendan McDermid/Reuters

The aim of actively-managed funds is to beat the stock market, but precious few manage to do so. This simple fact of life is perplexing to ordinary in(...)