If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be literally zero, before costs. Then after costs, it's a big negative sign


Cited in: Lawrence Delevingne. "Nobel winner Fama: Active management 'never' good." at cnbc.com. 19 Sept. 2014.

Eugene Fama Quotes

If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be ...

If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be ...

If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be ...

If active managers win, it has to be at the expense of other active managers. And when you add them all up, the returns of active managers have to be ...