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. (Eugene Fama)

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.

Eugene Fama

Related topics

active add big expense negative sign win zero returns costs

Related quotes

After six years of working on low-budget independent films of the too-weird-to-watch variety, being asked by DreamWorks to come and play with the big boys, it was like finding an unicorn in your sock drawer.

Sienna Guillory

Republicans have been very successful. There are three things Americans don't like: big unions, big government and big corporations. So Republicans go after big government and big unions, and only talk about small businesses.

Andy Stern

What's burning down is a re-creation of a period revival house patterned after a copy of a copy of a copy of a mock Tudor big manor house. It's a hundred generations removed from anything original, but the truth is aren't we all?

Chuck Palahniuk

I can win an argument on any topic, against any opponent. People know this, and steer clear of me at parties. Often, as a sign of their great respect, they don't even invite me.

Dave Barry

I spent 33 years and four months in active military service and during that period I spent most of my time as a high class muscle man for Big Business, for Wall Street and the bankers. In short, I was a racketeer, a gangster for capitalism.

Smedley Butler