In Europe, the transformation in the sovereign debt market since Mario Draghi’s “whatever it takes” promise in July 2012 has been remarkable. Ireland, which just exited an IMF bailout program in December, can now issue 5-year debt at yields well below 5-year Treasuries.
I’m a bit of a Boglehead, and the data appears to back me up. From http://www.cbsnews.com/8301-505123_162-57578430/active-managers-lost-again-in-2012/
In 2012, 63 percent of large-cap funds, 80 percent of mid-cap funds and 67 percent of small-cap funds underperformed [relative to their benchmark]. The only asset class to see the majority of active funds outperform was large-cap growth, with 54 percent beating their benchmarks. The worst performance came in mid-cap growth funds where 87 percent failed to outperform.