How this page evolved

Every published version is kept. Each entry shows what changed and why. Earlier versions can be restored by moderators, but only if the material they rely on is still available.

1. Revision 3Sep 30, 2026, 6:25 PMLive

   Added evidence on persistence of winners, the role of fees and Morningstar's survivorship-adjusted data.

   • · Added section “Can you pick the winners?”.
   • · Key takeaways were added.
   • · 3 new pieces of guidance for specific situations.
2. Revision 2Sep 30, 2026, 6:25 PM

   First brief from Sharpe's arithmetic and the SPIVA scorecards.

   • · The main finding was rewritten.
   • · The finding is now labelled “evidence” (was “interpretation”).
   • · Added section “What the scorecards show”.
   • · Added section “Why: the arithmetic of costs”.
   • · 5 new sources cited.
   • · The note on uncertainty changed.
   • · 2 new open questions.
3. Revision 1Sep 30, 2026, 6:25 PM

   Created the Sylo.

   • · First published version.