Burton Malkiel Quote

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.

Earn More (sleep Better): The Index Fund Solution (ed. Simon and Schuster, 1999) - ISBN: 9780684852508