Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before their exorbitant fees, operating expenses, and portfolio turnover costs are deducted. The zero-sum game before costs becomes a loser's game after costs.


Gilbert Lecture, Princeton University, Feb 21, 2013

John Bogle Quotes

Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before...

Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before...

Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before...

Beating the market is a zero-sum game for investors. Money managers, as a group, must provide the market return... But that return comes only before...