Charley Ellis Foresees a 401(k) Crisis

This past Wednesday, Charley Ellis gave a keynote speech at Morningstar's ETF Conference. Ellis is well-known among institutional investors for his early support of index investing and for authoring perhaps the most famous investment article of the 1970s, "The Loser's Game." His argument that money managers succeed more by avoiding mistakes (including those of cost) than by finding winners was decades ahead of its time.