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Index funds have regularly produced rates of return exceeding those of active managers by close to 2 percentage points. Active management as a whole cannot achieve gross returns exceeding the market as a while and therefore they must, on average, underperform the indexes by the amount of these expense and transaction costs disadvantages.
Burton Malkiel
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Index funds do not trade from security to security and, thus, they tend to avoid capital gains taxes.
Burton Malkiel
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It is an undeniable privilege of every man to prove himself right in the thesis that the world is his enemy; for if he reiterates it frequently enough and makes it the background of his conduct he is bound eventually to be right.
George F. Kennan
Burton Malkiel
Born:
August 28, 1932
(age 93)
Bio:
Burton Gordon Malkiel is an American economist and writer, most famous for his classic finance book A Random Walk Down Wall Street.
Known for:
The Elements of Investing (2009)
Burton Malkiel on Wikipedia
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