After costs, only the top 3% of managers produce a return that indicates they have sufficient skill to just cover their costs, which means that going forward, and despite extraordinary past returns, even the top performers are expected to be only as good as a low-cost passive index fund. The other 97% can be expected to do worse.
Eugene FamaRelated topics
cover despite extraordinary forward fund good index passive past produce return skill top worse means returns costsRelated quotes
I have often thought that if photography were difficult in the true sense of the term -- meaning that the creation of a simple photograph would entail as much time and effort as the production of a good watercolor or etching -- there would be a vast improvement in total output. The sheer ease with which we can produce a superficial image often leads to creative disaster.
Ansel Adams
There is no question but that if Jesus Christ, or a great prophet from another religion, were to come back today, he would find it virtually impossible to convince anyone of his credentials despite the fact that the vast evangelical machine on American television is predicated on His imminent return among us sinners.
Peter Ustinov
While standing on top of Everest, I looked across the valley, towards the other great peak, Makalu, and mentally worked out a route about how it could be climbed... it showed me that, even though I was standing on top of the world, it wasn't the end of everything for me, by any means. I was still looking beyond to other interesting challenges.
Edmund Hillary
After reading all that has been written, and after thinking all that can be thought, on the topics of God and the soul, the man who has a right to say that he thinks at all, will find himself face to face with the conclusion that, on these topics, the most profound thought is that which can be the least easily distinguished from the most superficial sentiment.
Edgar Allan Poe
The return from your work must be the satisfaction which that work brings you and the worlds need of that work. With this, life is heaven, or as near heaven as you can get. Without this with work which you despise, which bores you, and which the world does not need this life is hell.
W. E. B. Du Bois
