According to @KobeissiLetter, only 21.9% of active funds have beaten the market year-to-date in 2025, marking the worst showing in at least 26 years; source: @KobeissiLetter on X, Oct 16, 2025. This compares with 60.4% in 2021 and 60.5% in 2022 and is well below the long-run average of 42%, highlighting broad underperformance by active strategies; source: @KobeissiLetter on X, Oct 16, 2025. The century high was 70.8% in 2000 when the Dot-Com bubble burst, underscoring the extremity of today’s dispersion; source: @KobeissiLetter on X, Oct 16, 2025. The most common reason for lagging results, especially among large-cap funds, is reluctance to hold tech stocks, indicating many active managers missed the tech-led rally; source: @KobeissiLetter on X, Oct 16, 2025. The source did not provide crypto-specific implications or data; source: @KobeissiLetter on X, Oct 16, 2025.